Personal bankruptcy filings allow you to petition for liquidation of assets or reorganize your debts when you can no longer repay them. Although it provides some relief in case of financial distress, there is nothing personal about it. Bankruptcy filings are a public record and can be accessed by the general public by following the necessary procedure and paying a fee.
Public Access
Personal Bankruptcy records are available on PACER (Public Access to Court Electronic Records), which is a Federal Case locator. Although some may argue that it is not something that the general public would do, it entirely depends on the situation. If you end up being a public figure, then it is quite possible that the media would want to dig up dirt on you. For the rest, there is little to worry because it is no big deal.
Who is informed about the Personal Bankruptcy Filing?
When you file for bankruptcy, your creditors listed on the petition are informed about it and may pass on or publicize this. Besides that, those who have access to your credit report would know the fact that you applied for personal bankruptcy. To sum it up, it is only your creditors that you list on the petition, who would be explicitly informed about the filing. The Authorities do not intimate the general public about it. Instead, a record is created on PACER, and anyone interested in knowing more would have to formally apply for the document’s copy by paying the required fee.
Although personal bankruptcy filings are a public record, they are not publicized by the authorities. Usually, it is the frustrated and vengeful creditors who leak out the information. Nevertheless, you need to bear in mind that your bankruptcy filing would reflect in your credit report for ten years.
Not Uncommon
Bankruptcy is more common than you may think. The public is no longer shocked by others in financial distress. The reasons for filing bankruptcy vary, from losing one’s job, serious medical debt, divorce, or an unexpectedly large bill. While yes, it will not be a ‘secret’ that you filed for bankruptcy, you do not have to tell your friends and neighbors about it.
Getting financial relief is often more important than what others may think if they find out. Contact a Hidalgo County bankruptcy attorney today to find out what options you may have.