Paypal and phones

A question about : Paypal and phones

Hi, new to the forum, we are filing for bankruptcy next week can anyone advice if I need to give details of my paypal account please? will this be frozen?

Do I need to print off the account summary of payments or can the court officer just accsess it?

I have read you aren't meant to sell anything beforehand which I wasn't aware of and sold a item for Ј150 will this matter?

Also will this affect my BT or mobile phone accounts, i'm assuming mobile will be as its contract?

Best answers:

• You should tell them about PayPal accounts, however if it's for personal use then the OR probably won't be too bothered about it, if you have any balance on the account make sure to declare it.
  Just add the PayPal account under the bank accounts section, if the OR wants access for any reason you can provide the details just set a new password for the account.
  What did you sell and did you intend to go bankrupt at the time of selling the item? It's low value, so the OR might not be interested unless you sold it way below its true value.
  Mobile phones will probably be fine if you aren't in arrears, BT however aren't bankrupt friendly and should they find out about you being bankrupt may cease your service. Consider sky, Plusnet or TalkTalk if you require a reasonably cheap Internet connection.
• There is nothing to prevent anyone from selling items prior to a BAnkruptcy.....providing it was not sold for less than market value.
  [and eBay, for example, will demonstrate 'market value'...since what an item fetches in the auction, must be market value?]
  Bankruptcy intentions are really irrelevant.....consider them a 'figment of the imagination?'
  For one is not BAnkrupt, until the hour, on the day...it cannot be pre-booked!
  Like getting married? One can make all the preparations, yet still back out at the alter [if one has sense?]...the intention, doesn't make one 'married', regardless.
  Besides, the OR will expect people who are struggling financially, to have to sell stuff, to make ends meet.
  Just be able to show where the proceeds went, that's all.
• Hi - I sold loads of stuff on ebay just before my BR to raise the BR fee - all the transactions showed up as transfers from paypal. It honestly didn't occur to me to 'declare' the paypal account as I didn't consider it to be a bank account! It was clear on my bank statements that I had a paypal account but the OR never mentioned either the transactions or the account and subsequently it wasn't suspended. However, if you use paypal as a business account that's probably a very different matter.
  Phones - if you are in arrears with the phones then the accounts will be included in the BR but if not then just carry on paying them - I never had any problems with BT or my mobile provider but I wasn't in debt with either of them. You might find changing supplier, particularly with the mobiles difficult while you undischarged. If you are in arrears with either of them - then I suggest you switch suppliers now.
• Same as above. I sold many items on Ebay to raise the required funds in preparation for my BR. The OR wasn't interested in the slightest when I explained why I suddenly sold the items and what for. She was just satisfied that I had a valid explanation, with evidence.
• [QUOTE=alastairq;67629057]There is nothing to prevent anyone from selling items prior to a BAnkruptcy.....providing it was not sold for less than market value.
  [and eBay, for example, will demonstrate 'market value'...since what an item fetches in the auction, must be market value?]
  Bankruptcy intentions are really irrelevant.....consider them a 'figment of the imagination?'
  For one is not BAnkrupt, until the hour, on the day...it cannot be pre-booked!
  Besides, the OR will expect people who are struggling financially, to have to sell stuff, to make ends meet.
  Ok can you clear this up for me then please I have a item that is worth about Ј1000 but has Ј2500 owed on it immediately which I do not have if its not paid the item is taken and more fees incurred. However my friend has said they would like it and will pay the money owed on to it if I transfer it into her name it will then become hers and release me, so that it stops me getting more costs. I will not be receiving any money from it at all its just a straight transfer of names. will this be alright?
• So the OR might ask;
• Does the provider of the item/services permit transfers?
• Would the item/services be considered an asset?
• Would the item/services be transferred to the friend for less then their real value?

If the answer to Q2 or 3 is yes - then I would suggest you do not dispose of the asset until you have spoken to the OR.

• If you have any money in your PayPal accounts, I'd strongly advise withdrawing it to your bank account before going BR.
  I didn't, and when PayPal found out I was bankrupt (I'd declared the account as required), PayPal froze my account and it took ages to get the money back from them even though the OR said they were not interested in the PayPal account. PayPal can hold funds for up to 180 days according to their T&Cs.