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Bankruptcies provide a doorway to a clean and fresh start after drowning in debt. While many debtors are aware of this, they often shy away from bankruptcy due to its perceived complexity or the potential social stigma involved.
While it is true that bankruptcies are a public process, speaking to a bankruptcy lawyer can help you dispel common myths and even help you find ways to file for bankruptcy while respecting your privacy.
At Nager Law Group, we specialize in helping our clients find creative ways around their mountain of debt. With our help, you can ensure you file for the right type of bankruptcy, maximize the benefits of filing, and work with a skilled bankruptcy attorney dedicated to helping you start over.
Are Bankruptcy Filings A Public Record?
One of the greatest concerns that most people filing for bankruptcy have is other people finding out they filed for bankruptcy, and they end up staying in debt longer than they needed to.
As it happens, bankruptcy filings are a matter of public record, and there are details of the filing that may be accessible to the public for up to 10 years. There are several ways that bankruptcy filings become public:
- Direct Notice:
When you file for bankruptcy, whether as an individual or a business, your co-debtors and creditors will find out, as they will be served with a direct notice of the filing.
A notice is also served if you have an ex-spouse who receives child support from you, along with instructions on how they should proceed if you don’t continue to pay child support. - Credit Reports:
Bankruptcy filings will also appear on your credit report. Major credit report bureaus will be notified of your bankruptcy. This means that individuals, lenders and other companies that run a credit check on you will find out about your bankruptcy filing. - State And County Governments:
Some county and state governments have websites that provide access to court records, and these include bankruptcy filings.
However, it is important to note that not all details of the bankruptcy filing are made public. Details such as your Social Security Number (SSN) will not be fully visible, and some financial information may be redacted from the general public.
But there are benefits to filing for bankruptcy that far outway any hesitation you may have over public records. For instance, once you file for bankruptcy, your creditors must cease contacting you and pursuing any attempts to collect on the debt. This gives you some much-needed reprieve.
What’s more, bankruptcy offers relief from debt, allowing you to pay off debts over time, liquidate non-essential assets to settle your debts, or help your business get out from under its debts and start anew.
There are also ways to file bankruptcy in ways that protect your privacy, helping you move on from debt with less exposure.
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Can You File For Bankruptcy Quietly?
While your creditors will be aware that you’ve filed, there are steps you can take with your bankruptcy attorney that would reduce public exposure and disruption.
Pre-Packaged Bankruptcy
If you’re filing for bankruptcy for your business, your small business bankruptcy attorney may recommend a pre-packaged bankruptcy.
Pre-packaged bankruptcy, or a “Silent” bankruptcy, is designed to simplify and shorten the bankruptcy process. Not only does this approach to bankruptcy save your business from undue publicity, but it also helps to save money on legal fees and time spent in bankruptcy protection.
For a pre-packaged bankruptcy to work, your business has to plan for financial reorganization, which prepares the corporation with creditors once your company enters Chapter 11 bankruptcy.
Individual Bankruptcy
Your bankruptcy lawyer can consider several interventions to reduce public exposure when you file, such as:
- Chapter 11 Bankruptcy:
Chapter 11 bankruptcy is a simpler and less disruptive process that allows you to reorganize and repay creditors on agreed terms. Because the process is less disruptive, it attracts less attention. - Personal Non-Disclosure:
Keep in mind that unless they’re your creditors, you don’t have to tell friends and family that you’re filing for bankruptcy. It is alright to keep this information private. In many cases, the only people who will know you filed are your attorney and your creditors.
You should also realize that bankruptcy is nothing to be ashamed of. It’s a valid legal tool to help people get out from under debt and get a fresh start financially.
Working with a Chapter 7 bankruptcy lawyer can help you understand the public nature of bankruptcies and how you can manage the process.
We Are Here To Help. Call Today For An Evaluation | (443) 492-9003
Nager Law Group: Helping Our Clients In Columbia, MD Rebuild Their Life After Debt
Don’t shoulder the weight of debt alone. Let us help you get a fresh start with bankruptcy.
Talking to a bankruptcy lawyer near me in Columbia, MD can be a great way to understand the process, helping you feel more comfortable with bankruptcy and answering your questions.
At Nager Law Group, we are passionate about helping our clients find their footing and navigate their way out of debt through creative and practical legal solutions.
Talking to us can help you discover ways to protect your privacy while still moving forward with less debt. You can reach us at (443) 492-9003 to get help and evaluation on your case.