Social Media Posts Can Cause Big Troubles after a Bankruptcy

Posted on in Chapter 11 Bankruptcy

bankruptcy-and-social-mediaMost people share intimate details of their lives on social media – vacations, places they shop, purchases they make, and even what they wear. Unfortunately, this form of sharing can sometimes have legal repercussions. Take, for example, the current issues being faced by the famous rapper, 50 Cent.

Last year, Curtis Jackson, otherwise known as 50 Cent, filed for chapter 11 bankruptcy protection last year. Smack dab in the middle of it all, he posted several Instagram photos with loads of cash – one of a stack of money in his freezer, one in which bills were arranged to spell the word “Broke,” and one of him surrounded by stacks of cash on a bed. He says the bills were props, such as those used in music videos, but his creditors and the judge are far from amused.

According to the New York Times, 50 Cent states that the postings are essential to maintaining his appearance and securing his future. When his history of merchandising deals and “living large” are mixed with a number of failed business ventures and several lawsuits, it becomes difficult to determine whether he is hiding assets or telling the truth. Because of this, his creditors are asking for a reevaluation of his assets, and a judge is reportedly pulling him back into court to speak about the matter.

Avoid Suffering the Same Fate

Creditors do not know you personally. They have no way of knowing that, while posting pictures by the beach in Maui, you were simply on a lunch break during a work event. Tending to an ill family member in San Francisco can look an awful lot like a leisurely trip. And posting pictures of yourself in or outside of a rental car while your old jalopy is being repaired can look like you are hiding assets. In other words: be mindful of what you are posting on social media during bankruptcy proceedings; anything can be misconstrued to look like fraud.

Get Skilled Legal Help for Your Debt Problems

If you are drowning in debt, bankruptcy may seem like the best option, but it is not the right path for everyone. Discuss your situation and all of your possible solutions with the Law Offices Eric G. Zelazny. As a skilled and experienced CPA and Tinley Park bankruptcy attorney with more than 20 years of experience, he can help you find the best possible debt solution for your unique situation. Schedule your free initial consultation to learn more. Call 708-888-2299 today.

 

 

Source:

http://www.nytimes.com/2016/03/11/nyregion/50-cent-bankruptcy-fake-cash-money-bills.html?_r=0

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