Making the decision to file bankruptcy is usually filled with a lot of dread and worry. Too many times people are plagued with the thought that family, friends and co-workers will learn of their plight. However, if you are one of those people contemplating bankruptcy, some of this worry may be much to do about nothing.
Who Has Access to Information
According to bankruptcy lawyers the primary group of people that have access to a person's bankruptcy information are the creditors. Anyone that you owe money to can look into your records. Credit cards, mortgage holders, automobile loans, unsecured loans and student loans are typical examples of creditors.
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Another group is bankruptcy attorneys. The bankruptcy courts has set up an online system that allows attorneys to review the bankruptcy filings for a fee. This means that people in the general public do not have much access to the records without paying to look at it.
What about employers?
There is nothing within the bankruptcy laws that requires any employer to be notified of one of its employee's filing. Some districts require that all person's use the payroll deduction system in order to make their payments to the court. This would mean that the people in charge of human resources or payroll at your particular company would learn of the bankruptcy. However, many districts do not enforce the payroll deduction plan. In this case the debtors are allowed to make payments to the court on their own without the burden of informing their employer.
What about friends or family?
There are two primary ways that a friend or relative might find out about your bankruptcy. The first way is if you tell them. The second way is if you owe them money according to the terms of a legally binding contract. Otherwise there is really no easy way for them to find out about your situation. Personal bankruptcy notices are not listed in the local paper like company bankruptcies. And there is no other listing service for personal bankruptcies other than the online system mentioned earlier.
Why keep it a secret?
When you discuss your options for filing with a Minneapolis bankruptcy lawyer, he or she will do everything in their power to keep your records and information confidential according to the law. However, why would you want to keep this a secret from your closest friends and relatives? Yes, it can be embarrassing and downright painful to file for bankruptcy. However, when we are hurting or facing mounting stress, that is the best time to confide in those closest to us. Telling our problems to others will help lift some of the burden and find the support we need in order to face our struggles and find victory over them.
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