Thursday, June 7, 2018

Is Filing for Personal Bankruptcy Public?

Are bankruptcies published in the newspaper?

One of the greatest concerns of many would be bankruptcy filers is that the bankruptcy will become public information. Few of us want the world to know of our financial troubles. While you may have heard that bankruptcies are public information, you may be surprised to know that finding information as to your bankruptcy is quite difficult for the general public. Our Beavercreek, Ohio Chapter 7 bankruptcy lawyers examine the public nature of bankruptcies below.

Bankruptcy Is a Public Record, But Public Records Are Not Easily Accessed

A Chapter 7 bankruptcy filing is a public record. Your bankruptcy case will be filed in court and the public does have the power to access it. However, searching and reviewing public records is not that easy. To obtain bankruptcy records, you will need to search an online platform that contains nationwide bankruptcy filings. To gain access to the portal, you must register and pay for each page of the documents you obtain. As such, few people outside of bankruptcy professionals will ever see your filing.

Your bankruptcy will additionally be visible on your credit report. Your credit report could be accessed by potential employers, rental agencies, and other financing offices. Accordingly, with your permission, certain individuals could access your bankruptcy history in this manner. The bankruptcy will appear on your credit report for ten years.

In Practice, Few Will Know of Your Bankruptcy

Decades ago, bankruptcy filings were published in the newspaper so as to notify creditors. Now, bankruptcy filings no longer appear in newspapers, magazines, or on the Internet, except in a registration required portal. With all factors considered, though bankruptcy is technically pubic, few people will ever know you filed for bankruptcy, unless you are famous.

If you are among the millions of Americans drowning in debt, you will need to weigh all the potential benefits of divorce against the potential drawbacks. Acknowledge that bankruptcy is a matter of public record, but also recognize that your bankruptcy will not suddenly be known by your friends and neighbors. Contact a bankruptcy attorney today for assistance with assessing whether you may benefit from filing for bankruptcy.

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Miami Valley Bankruptcy, Brian Lusardi, Esq., assists clients with Bankruptcy matters including but not limited to: Common Myths, Cost of Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, The New Bankruptcy Law and Personal Bankruptcy in Xenia, Ohio, and the cities of: Wilberforce, Alpha, Spring Valley, Dayton, Bellbrook, Yellow Springs, Cedarville, Fairborn and Clifton; and the counties of Greene and Montgomery.

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