There once was a time when you may have kept your bankruptcy filing a secret. Now that others understand what the process can do, more are open to sharing their experiences with others. However, is social media a great platform to use to do this?
While social media is helpful in many ways, you may want to think twice before posting information when you are in the midst of any court proceeding, including bankruptcy. In some instances, too much information may harm your financial future.
Sharing may go beyond friends
You may believe that your social media privacy settings make it impossible for prying eyes to see. While a measure of this is accurate, by and large, anything you post on social media may become exposed at any time. This is largely due to the fact that friends may not have the same privacy settings, and they may share your posts with their followers.
Keeping creditors in the dark
When you file for bankruptcy, regardless of the chapter, you have an obligation to share all forms of income and assets with the trustee. You may believe you fulfilled this requirement until a creditor sees an old post about your online craft store or an auction site. Any form of income, even a side hustle, needs factoring for bankruptcy payments. Your inadvertent omission may become a more significant concern should a creditor stumble upon it.
Bankruptcy is an opportunity to start over after a financial crisis or misstep. Keeping your life outside the bounds of social media for the entity of the proceeding may prove difficult but worth it.