Here are the likely happenings:
#1 If you closed your account but didn't remove your checking information Paypal could respond by taking the money from your account and or making your account negative. In this case they will send you to a collection agency for the money if they rule in the buyers favor.
#2 They cannot get the money from you if you removed all your bank account/credit card info so they will give the buyer advice to contact the police and file a police report to get you to pay back the money.
#3 Nothing happens. In some cases Paypal just gives the buyer back the money and thats the end of it. That is the best YOU can hope for and that usually happens if you are not using your real information and there is nobody for Paypal to come after. (You never gave them your social security #)
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