It seems everybody has some sort of social media account these days. While Facebook, Instagram, Twitter and other sites are a great tool for communicating with other people, it should always be done with caution. This is especially true when you file for bankruptcy protection.
Many people post a wide variety of details about their life in forums that are open to anyone to read. When you file an individual Chapter 7, 11 or 13 bankruptcy, it is wise to remember that the trustee and your creditors may also be reading your posts. Thus, you should be careful not to post anything that could raise issues in your case. For example:
- You are required to disclose all of their assets. While you may be posting pictures of you driving your friend’s jet ski, one of your creditors could incorrectly assume the jet ski belongs to you and allege that you failed to disclose it in your filing.
- You must also make a full disclosure of all of your sources of income. If you sell homemade pies as a side business and “advertise” it on social media websites, you’d better make sure that income is listed on your bankruptcy schedules.
- While your bankruptcy case is pending, the court expects you to live within a budget. If you post pictures of your vacation to Bora Bora or your new frivolous purchases, the trustee and your creditors are likely to be concerned.
Our best advice is to be honest and thorough in making your financial disclosures in your bankruptcy filings. Also, always think before you post anything on the Internet!
Please keep in mind that every bankruptcy matter is different. If you are considering filing for bankruptcy protection, and you would like to schedule a no-cost consultation to discuss your options, please contact our office by completing the form on this website or calling us at (954) 516-2566.