Are Bankruptcy Filings Public Records?
If you or your business is struggling with overwhelming debt, you might be considering filing for bankruptcy. Bankruptcy as a solution to your debt situation can allow you to discharge most, if not all, of your debts or re-arrange and pay them off over a number of years. However, you may be wondering if other people will find out about your bankruptcy filing. You may be wondering, “Are bankruptcy filings public records?”
In the United States of America, bankruptcy filings are public records. However, while your bankruptcy filing would be available for viewing by anyone willing to follow the necessary process, most people don’t bother accessing bankruptcy records. Keep reading to learn more.
Understanding Bankruptcy Filings as Public Records
What does it mean when we say bankruptcy filings are public records? Basically, when you file for bankruptcy, be it a Chapter 7 bankruptcy, Chapter 13 bankruptcy, or Chapter 11 bankruptcy, the court documents your case and makes these records accessible to the public. Anyone can obtain details about your bankruptcy filing through court records.
Why Are Bankruptcy Filings Public Records?
Bankruptcy filings are made public to ensure transparency, fairness, and accountability. Making bankruptcy filings public records prevents people and businesses from engaging in fraud or abusing the bankruptcy process. While this openness might feel intrusive, it allows creditors and other stakeholders to verify information and ensure fairness.
What Information Can One Obtain About a Bankruptcy Filing?
Bankruptcy records contain a range of information, including the following;
- The filer’s name and address
- The type of bankruptcy filed
- The date of filing
- The filer’s assets, liabilities, income and expenses
- A list of creditors and the amounts owed
- The status of the case
Some information is protected from public viewing, such as the following;
- Social Security numbers
- Specific account numbers
- Information about minors
For Social Security and certain account numbers, only the last four digits are usually visible. When it comes to minor children, the record usually only contains the minor’s initials.
Accessing Bankruptcy Records
There are two main ways of accessing bankruptcy records. First, these records can be obtained by visiting a bankruptcy clerk’s office. Second, bankruptcy records can be accessed online through the Public Access to Court Electronic Records (PACER) system. If a person has access to PACER, they can search the system using various queries, including name and view bankruptcy filings. However, one needs to create an account to access any information. If someone does not use the PACER system regularly, it may not be worth creating an account. There is also a small fee that one must pay to access a document.
Implications for Bankruptcy Filers
For bankruptcy filers, the public nature of these records can have professional and personal implications. For instance, if an employer finds out you filed for bankruptcy, they may deny you a job opportunity even though employers are prohibited from discriminating based on bankruptcy. Also, if people find out you filed for bankruptcy, it can lead to social stigma or questions.
However, despite your concerns, you should know that the benefits of bankruptcy often outweigh the drawbacks. Also, keep in mind that not many people will be willing to go through the trouble of accessing your bankruptcy records.
Contact Our Deerfield Beach Bankruptcy Lawyer
If you or your business is struggling with overwhelming debt, contact our skilled Deerfield Beach bankruptcy attorney at the Law Office of Adam I. Skolnik to learn about your options and how we can help you through this process.
Source:
pacer.uscourts.gov/
