One concern that many people have when they’re filing for bankruptcy is the fear that friends, relatives, or coworkers will find out about it. Privacy is essential, especially when it comes to a family’s finances. While filing for bankruptcy is a matter of public record, there will only be a few entities that are actively looking into your legal claims.
Your bankruptcy attorney can help you keep your financial status confidential. However, it’s vital to have a thorough understanding of just what information is publicly available.
Keeping Your Financial Status Unavailable to the Public
While bankruptcy filings are public, that doesn’t mean everyone in your life will know about it. Bankruptcy is prevalent on a credit report. Luckily, there are only a few people and business entities that will ever go through that statement. The only other way a curious party could pull up your specific financial information is if they go to the courthouse and sift through bankruptcy records.
Filing for bankruptcy is pretty private, despite it going on public record. Again, not that many people will look at your credit report. Since a bankruptcy stays in your history for about ten years, you may have occasional problems when trying to rent an apartment or apply for a car loan. Those are the only other entities that will get to see your credit.
Guarding Against Identity Theft
Publicly available information may be sealed by your bankruptcy attorney if there’s a pre-existing order of protection. If such a warrant gets issued against your creditors, it’s important to notify your attorney.
A lawyer can help you keep your home address confidential. Another option is to use a post office box as your address when filing bankruptcy. While this will keep your physical address private, certain entities will still have access to your home address. When applying for the box, the post office will record your home address. Similarly, the bankruptcy trustee appointed by the court will also have your home address on file. Your attorney may require your physical address as well, which will remain confidential.
The rising concern over identity theft has changed how we approach bankruptcy and privacy, but they do remain a matter of public record. If you have concerns about making information available, you should discuss these concerns with your attorney. It’s important that you feel protected while pursuing relief from financial issues.
The Louisiana bankruptcy lawyers at E. Orum Young Law Offices are seasoned attorneys who’ve helped many individuals and businesses pursue Chapter 7 and Chapter 13 bankruptcy. With over 20,000 cases handled, our firm has filed the most bankruptcies in Northeast Louisiana and is ready to guide you through yours. Contact us today for a free case evaluation. Our Trial Guarantee ensures that we will take your case to trial per your request.