Will My Neighbors Know If I File Bankruptcy?

Some people are an open book, while others prefer to keep their private information to themselves. This is especially true if the information you seek to keep under wraps is of a sensitive nature, or is something you think will cause embarrassment. Years ago there was a social stigma associated with filing bankruptcy, but that is no longer true. The bankruptcy law helps thousands of consumer debtors a year, including some celebrities and even those considered wealthy. Even so, it can be concerning to you when you decide to file and you might want to keep your personal affairs to yourself and out of neighborhood gossip mill.

If you file for bankruptcy, you will receive the following benefits, and it is likely only those people you choose to tell will ever know that you have filed a case:

•         A discharge of many of your debts, including high interest rate credit card debt, depending on the type of case you file.

•         An immediate stop to any collection efforts or lawsuits that are pending against you.

•         An immediate stop to any calls you are receiving from your lenders about past due bills and accounts.

While all cases that are filed are filed electronically, and stored electronically, access to the records requires a user name and password to the online bankruptcy system. It is unlikely your co-workers, friends, or neighbors have signed up for the service so you can rest easy knowing that your decision will go only as far as you wish. That said, if you are apprehensive about your privacy, it can be helpful to talk things over with a trusted friend, family member, or counselor. Once you are comfortable with your decision to file, it will not make a difference who is in the know about your case. And when you are able to being a savings account, or pay your monthly bills without struggling, the sense of accomplishment you feel will far outweigh any negative connotations associated with filing bankruptcy.

If you have more questions about bankruptcy, contact us today at www.law-ri.com. We will help you get prepared for what comes after we file your case, and have multiple locations where we schedule appointments.