Is It Possible To Keep Your Bankruptcy Secret?
Is it possible to keep your bankruptcy secret? Bankruptcy is a public record so it’s never exactly secret. If people want to find out about your bankruptcy they can, and there are times when you’ll need to discuss the matter with others. Let’s take a closer look at this issue.
Public Records
All bankruptcy records are public record. If you wanted, you could go online and access the bankruptcy records of anyone using the Public Access to Court Electronic Records (PACER) website. But if you’re like most people you probably aren’t interested enough in anyone else’s life to go through the process. PACER isn’t something the average person will ever use unless they are doing research for business reasons or because they are a creditor. Since PACER costs money and requires you to register with their site, even the most nosey “friends” or coworkers won’t go through the trouble of snooping around your bankruptcy records.
Business Information
When you file bankruptcy, the court will NOT notify your current employer. That means your coworkers and supervisors won’t know about your bankruptcy filing unless you tell them. However, if you’re looking for a new job, it’s likely that the future employer will ask about your past bankruptcy filings. Don’t feel tempted to lie about your past. It isn’t likely that a bankruptcy filing will negatively impact your job prospects, especially if your current finances are in good standing. Also, if an employer runs a credit check (and most do) when considering whether to hire you, they will see your bankruptcy filing. If it’s a recent bankruptcy filing, there’s nothing wrong with casually mentioning why you needed to file and how your finances have improved because of it. Don’t try to hide your bankruptcy from a potential employer if they ask because they will discover the truth, and telling a lie may harm your chances of getting hired.
Family Issues
While it’s possible to keep your bankruptcy filing secret from your adult (or even minor) children, it’s not advisable. And it’s certainly not possible to keep a bankruptcy filing secret from your spouse. You should develop a plan to for discussing your bankruptcy with your closest relatives, especially if they are living in the same household. If you want to truly take advantage of the fresh financial start bankruptcy offers, you’ll need to get honest about your finances so that everyone in your household can contribute to sticking with a budgeting, saving, and meeting the family’s financial goals and obligations.
To find out more about how bankruptcy can improve your finances, call us today.
Categorized in: Filing Bankruptcy