Privacy has been, and most likely always will be, desirable in many aspects of your life. It becomes especially desirable in times of struggle and can play a big part in the decisions you make to help yourself.
When it comes to bankruptcy, many worry about how public the information is going to be. Is there any privacy, or is everyone able to learn of their financial struggles?
Bankruptcy is Public Record, But Not Widely Known
From a technical standpoint, filing for bankruptcy is public record. This means anyone can find out about your bankruptcy. It sounds worse than it is, though. The truth is, they would have to be looking specifically for the filing or be a creditor.
There are many administrative hoops to jump through in order to search for a bankruptcy proceeding. Again, not many outside of a creditor are interested in your bankruptcy information, unless you are a celebrity.
It’s important to note that a bankruptcy filing will appear on your credit report for seven to ten years following. So if you apply for a credit card or loan, or even try to rent an apartment, that information will be viewable to your creditor.
The same goes for a potential employer that might do a credit check. The silver lining to this circumstance is that the only information made available is the fact you filed. It’s not as detailed and revealing as public records are.
One last way someone could find out about your bankruptcy without you telling them is through notice. The New Jersey Bankruptcy Court is obligated to send notice to all creditors listed on your schedules about your filing.
If you owe money to a family member or friend, they will get a letter about your bankruptcy. So, while your bankruptcy filing is technically public record, there is a good chance it’s not something everyone will know about. To learn even more about filing for bankruptcy, consult an experienced attorney.
Experienced Bankruptcy Attorney In NJ
An experienced bankruptcy attorney keeps your best interests at heart and will never make it more public than it already is. They will also make sure you do what is best for your financial situation. In New Jersey, the Law Office of Joel R. Spivack can provide you with the bankruptcy help you need. Backed by years of experience and a track record of success, they can even provide bankruptcy alternatives to suit your needs. All you have to do is fill out the online contact form to learn more about what can be done for you.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.