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Behm Law Group, Bankruptcy Attorneys

Bankruptcy News & Recent Cases

Social Media Common “Cents” During Your Bankruptcy Filing

April 25th, 2016 · No Comments

Filing for bankruptcy can be a challenging process in the Fairmont, Minnesota area. There are a lot of specific details to take care of, including signing paperwork, organizing debts, and working with creditors. In the midst of all these steps and processes, it may be tempting to let off a little steam. Doing it over social media, however, is not recommended.

50 Cent learned this the hard way when his apparently affluent social media posts created dissent in the bankruptcy courtroom. Though 50 Cent claims the hundred dollar bills decorating his Instagram pictures were all fake and only included to boost his personal brand, the bank isn’t so certain. Could 50 Cent be hiding assets instead?

Considering 50 Cent’s position, it’s important to note how to manage your social media accounts in the midst of bankruptcy. Here’s what to do:

DO: Maintain your personal privacy. The fewer posts about money, the better!

DO NOT: Allow yourself to appear affluent. Although it may be tempting to boost your personal appearance through social media posts, bankruptcy courts may find this deceptive information worthy of investigation. This will only prolong your filing process, and keep you from achieving a quick end result!

DO: Be honest and up front with those assisting with your bankruptcy filing. The more transparent you can be about your financial status, the better!

DO NOT: Hide assets. Whether or not your social media posts reflect your monetary status, it’s important to remain truthful during your filing.

Most of us in the Fairmont, Minnesota area don’t have money like 50 Cent. Though we likely won’t be flashing one hundred dollar bills—fake or real—on Facebook or Instagram, it’s important to remember honesty and privacy when going through a filing. Most of the time, that means keeping your bankruptcyrelated posts to yourself!

For more information about your bankruptcy filing, contact the folks at Behm Law Group Ltd. today!

 

Tags: Bankruptcy ·


 

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