The rising popularity of social media accounts such as Facebook and Instagram has made one thing certain: secrets are hard to keep.
People are increasingly comfortable using social media to stay connected with family and friends. In the process, they reveal vast amounts of personal information online, often unknowingly.
When you file for bankruptcy protection, you are required to disclose all of your assets and debts. Georgia bankruptcy attorneys caution you to be mindful of your social media postings, past and present.
Filing A Bankruptcy Petition
Sometimes in life, debt accrues and presents an insurmountable challenge. The only answer may be to file for bankruptcy relief.
When you file a petition for Chapter 7 or 13 bankruptcy, you are asking the court to discharge your debt entirely or convert your debt into a manageable payment plan. At the time you fill out your bankruptcy petition, you will be asked to disclose all of your income, assets, and debts. Complete honesty is required during disclosure.
Failure to list all assets and income on your petition could result in your bankruptcy case being denied, or overturned, with hefty penalties and possible criminal action against you.
What do Creditors and Bankruptcy Trustees Look For On Social Media?
Your creditors will be searching every available resource to protect their interests and recover monies owed to them. Creditors and bankruptcy trustees search for hidden or omitted income and assets and examine recent and current spending.
Even if you are seeking to discharge “old” debt, how you spend your money leading up to and during bankruptcy tells a story. Lavish lifestyle choices may create doubt about your inability to repay monies owed to your creditors.
It is increasingly standard that your social media accounts are examined along with your bank records, credit card statements, income sources, and tax returns.
Bankruptcy – Think Before You Post on Social Media
Creditors and bankruptcy trustees are counting on your openness on social media to uncover hidden truths about your spending and assets.
Are you posting about your vacation in the Bahamas, when you reside in Montana? And how cute is that picture of your daughter standing next to the new Mercedes you bought for her Sweet 16?
What about the gambling winnings you boasted of to your buddies online? And, don’t forget that expensive anniversary ring your wife is showing off in photos, while you comment about how you worked so hard at your cash-earning side hustle to pay for it!
Investigators will scrutinize every posting for a complete financial framework. Even if you aren’t overtly bragging, your photos and comments by friends will tell your story.
Consult a Georgia Bankruptcy Attorney For Help
The decision to file bankruptcy is not an easy one. You likely feel overwhelmed and confused, and waiting only makes it worse.
Contact our Georgia bankruptcy attorney for solutions and reassurance in overcoming your financial worries. Our experienced bankruptcy lawyers can help guide you through the process of bankruptcy for a fresh financial start.
Posted in: Bankruptcy