Social media websites have become a way for people to communicate about anything and everything. However, when it comes to your bankruptcy case, the less you post the better off you may be! Consider the following:
- Pictures. Whether it is Facebook or Instagram, posting pictures is a daily occurrence for many individuals. It is important to remember that when you file a personal bankruptcy case, you are required to disclose all of your assets. Thus, posting a picture of you driving a new car or wearing a fur coat that was not listed in your pleadings could cause a creditor to object to your discharge.
- Income. Bankruptcy law also requires you to inform the court of all of your sources of income. For example, if you earn money as a photographer and you post an advertisement on a social media website, you’d better disclose this source of income in your bankruptcy filings or it can raise issues in your case.
- Purchases. While your bankruptcy case is pending, you are expected to live on a budget. In other words, you shouldn’t be online bragging about your shopping spree or recent vacation while you aren’t paying your creditors back in full.
- Family loans. All of your creditors that have the same class of debt must be treated similarly in your bankruptcy. This prevents you from preferring one creditor over another. Thus, if your brother posts that you finally paid back the money you owe him just prior to your bankruptcy case being filed, other creditors may get upset.
Remember, it isn’t just your posts that can get you into trouble. Your friends and family should be careful in what they post about you also. Even innocent posts or pictures can lead to creditors or the trustee being concerned about your financial disclosures, so it is better to be safe than sorry!
Most creditors do not investigate your online posts in order to catch you in a lie, but the best policy is to be honest in your bankruptcy case and to avoid giving anyone a reason to doubt your disclosures.
At DeLadurantey Law Office, LLC, we help businesses and families find their way out of highly difficult financial situations. We provide the advice and guidance you need in obtaining debt relief through bankruptcy and debt negotiations. We can also assist you in student loan law and defending a foreclosure action. Contact us at 414-377-0518 to discuss how our Milwaukee bankruptcy attorneys can assist you. Like us on Facebook.