The Impact of Social Media on Bankruptcy
You may enjoy posting holiday pictures online or sending out the good word about a new job. But friends may not be the only one reading your news.
Facebook, Twitter and other social media networks provide fruitful hunting grounds for disgruntled spouses and divorce attorneys. But increasingly, social media is also sifted by creditors, collectors and bankruptcy trustees.
It’s a simple fact that you need to be truthful during bankruptcy proceedings. So be aware that social media can create a different picture of your finances. Consider how online information can affect your bankruptcy:
- Evidence of assets or significant income could jeopardize eligibility for a Chapter 7 liquidation bankruptcy.
- Vacation plans or tagged pictures of you in exotic locales may provide evidence of a better financial condition than previously revealed to the court.
- Pleading poverty to a creditor may prove impossible when assets, collections, cars and other valuable possessions are discussed or pictured online.
We have 100 offices in 31 states to assist clients working through Chapter 7 and Chapter 13 bankruptcies across the country. Consider our tips about social media and bankruptcy in our wired world:
- Be cautious of content you post even before filing bankruptcy. Information is never truly deleted, and with a subpoena, is never private.
- Watch business blogs or journals referencing your company, or trips awarded as bonus programs. Evidence of increased income can alter a Chapter 13 payment plan.
Bankruptcy is an important tool to gain a fresh financial start. Social media provides support during good times and bad. Try not to mix the two — and if you do, contact our office for experienced legal advice.