We are living in the age of social media. Many people go to great lengths on Instagram and Facebook to appear to have the perfect life. You might be a guest of your friend at the yacht club. You may have attended an event open to the public at the country club. A relative pays your way and takes you along with them on vacation to Spain. But when people look at the check-in photos from those places, they have no way of knowing you did not pay any funds to participate in those activities.
When you file for bankruptcy, the Bankruptcy Court appoints a Trustee to administer your case. Remember that if the public can see you on social media, so can your Trustee. If you appear on social media to be living your best life, this can create two concerns in the mind of your Trustee: 1) Perhaps your financial situation is not as modest as you stated and therefore maybe you have the ability to make payments to creditors or make more payments to those creditors than you are currently making; or 2) Maybe you have assets which you have failed to disclose to the Trustee.
When you file for bankruptcy you must disclose to the Bankruptcy Court and to the Trustee all of your income and expenses, all of you assets and everything you own, all of your liabilities and everyone you owe money to, and many more such details. Do not contradict the reality of your current financial situation by recycling a photo which you took in China five years before you fell into financial distress.
The above information is a general overview and is not intended to be used as legal advice. If you are considering filing for bankruptcy, the best thing to do is call our office at 248-557-3645 and schedule a free consultation so you can receive advice which is tailored to your specific circumstances.
By: Michael Benkstein, Esq.
Managing Attorney, Bankruptcy Department
The Law Offices of Joumana Kayrouz, PLLC
1000 Town Center
Southfield, MI 48075