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Bankruptcy who knows

Bankruptcy Who Knows

Filing for bankruptcy who knows? I get it, some people have matters they wish to keep private in life. Even though bankruptcy does not carry the same negative connotation it once did, some people maintain the preference of discreteness and choose not to tell their co-workers, friends or family about their financial situation. Obviously some people will and have to know about your bankruptcy, however, is relatively few in number.  When working with my office discretion is paramount.

So bankruptcy who knows? Obviously anyone you owe money to at the time you file will need to be notified. Creditors are notified since payments to them will likely be affected by the bankruptcy proceedings.  However other than creditors and your attorney very few other will be notified of you case filing. Even though bankruptcy filings are a matter of public record, they are usually not publicized unless the individual filing is a public figure.

Also to be clear notifying your employer is not required unless your employer is a creditor or if your wages are being garnished a.  If that is the case your HR department may need to be notified of the bankruptcy to stop the wage garnishment.

Finally, you should understand that your bankruptcy status will be kept on your credit report for 10 years. While this might seem daunting, keep in mind that few people access your credit report. While your employer might want to view your credit report, he can only do so if he acquires your permission and signature. Other parties that might view your credit report include banks, creditors, student loan providers, utility companies, insurance companies, landlords, collection agencies, government agencies, and any entity with a court order. In relation to your credit report know that you’re allowed to attach a personal statement and explanation to your bankruptcy status. Many people have found it beneficial to put a word in to better explain their situation leading up to the bankruptcy.

Who knows about bankruptcy for the most part will depend on who you tell. Since bankruptcy tends to be a taboo subject I have found there is much misinformation about the process that floats around out there especially on the internet.  One of the things I do every day with people in my office is to educate them as to their rights when it comes to debt, credit and bankruptcy. 

Is bankruptcy right for you?  Again as I have said before I can’t give you advice as to your situation until you come in and meet with me – this is why we offer no-obligation consultations to help you make informed decisions.  If you are still looking for information on bankruptcy check out my YouTube channel for helpful videos about Utah bankruptcy.  #utahbkguy

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