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Think Before You Post: Bankruptcy & Social Media

In today’s society, we are all obsessed with sharing everything. We share child prodigies dancing, funny videos of babies or dogs, but mostly we use social media to let everyone know where we’re traveling, what we’re buying and what we’re eating. Sharing is second nature to us, which is why many individuals that file for bankruptcy end up in trouble with the law. Over the past 25 years, our attorneys have worked with thousands of clients to help them out of their financial crisis. If you are thinking of filing for bankruptcy, consider reading the following blog from an experienced Chula Vista bankruptcy lawyer discussing what to consider before posting on social media after filing for bankruptcy.

Investigators & Bankruptcy

When you file for Chapter 11Chapter 13, or Chapter 7 bankruptcy, you are required to provide information regarding your assets, income, and debt. It is required by law that you accurately list this information in order to move forward with your bankruptcy case. To ensure you have thoroughly reported your assets, your creditors will also launch investigations of your social media accounts in search of any evidence of information to prove your report was incomplete.

Information Bankruptcy Investigators Look For

In an effort to prevent bankruptcy fraud, credit investigators comb through your public social media posts for any red flags that may not have been disclosed when you filed. What kind of posts are these investigators looking for? Investigators search your posts for any fancy dinners, extravagant spending sprees, vacations, new jewelry, cars or boats. Social media can also indicate changes in status. For example, if you have filed your bankruptcy claim under the income of one job and recently gained employment from another you income would change. After an income change, investigators could poke holes into your credibility for bankruptcy.

What If My Business Files For Bankruptcy?

When businesses file for bankruptcy, credit investigators could examine both the business’s social media accounts and the executives’ personal social media accounts for any potential assets that could be a source for recovery claims.

Don’t Withhold Information From Your Chula Vista Bankruptcy Attorney

If you are considering filing for bankruptcy, it is important to understand that your Chula Vista bankruptcy attorney is on your side. Never withhold information or lie about your assets to your attorney; instead, disclose what assets you have and be honest about what property is important for you to keep. We can work with you to develop a bankruptcy plan that best fits your needs.

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