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Chapter 7 bankruptcy and social media

Social media has become a part of everyday life. Throughout Kentucky, people wake up and rather than turn on the news, they look to social media to see what is going on around them. One problem with this is that not everything that is posted on social media is as it seems. Truths are stretched, and the majority of individuals go to great lengths to make their online presence appealing. This difference between what is presented and the individual's reality can sometimes become a part of one's Chapter 7 bankruptcy petition.

With Chapter 7 bankruptcy, non-essential assets are turned over to the bankruptcy trustee. These assets are then sold to help pay down the individual's debt. In the end, the majority of the individual's debt is then discharged.

Bankruptcy trustees have found instances in which an individual who has filed for Chapter 7 bankruptcy has attempted to hide assets. As a result, whenever something comes to their attention that indicates there may be other assets, they usually investigate the matter. Social media has been the catalyst for many of these investigations. Individuals have posted pictures of themselves aboard boats making it appear as if the boat belongs to them. In other cases, individuals have posted pictures of themselves dressed up with expensive looking jewelry that turns out to be costume.

With Chapter 7 bankruptcy, the majority of the individual's debts are discharged; however, in turn, the individual must relinquish the majority of non-essential assets. In deciding if and what type of bankruptcy is appropriate, the individual will want to discuss the situation with experienced legal counsel. This attorney can help guide the individual through the process and understand what the Kentucky courts will be considering in making the final determination.

Source: local10.com, "Asset hunters find flashy social media users often bankrupt", Andrea Torres, Dec. 27, 2016

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