Filing a personal bankruptcy case is public record. Your case, however, is not something that the general public can obtain easily. Although various websites provide this information, they’re not as easy to access as you would think. Most of these sites require paid subscriptions - something that most people will not find valuable.
Although you may initially cringe at the thought of someone looking up your bankruptcy, public access does not in any way compromise your financial or personal security. In fact, most entities that would take an interest in the information are institutions with whom you’d have business interactions. I’ve observed that bankruptcy professionals, lenders, banks, and other credit-based institutions are usually the only businesses interested in viewing your bankruptcy.
Your Credit Report
A bankruptcy will stay on your credit report for up to 10 years. That means your information will likely be accessible online for up to 10 years. But don’t let this make you nervous. Generally speaking, most people are eligible for some type of loan or credit very soon after we have filed the bankruptcy. So even if the bank sees it on your credit report, you could still qualify for a loan if you have kept your credit in good standing and paid off your debt. We recommend that you monitor your credit report every month to make sure that your debts have been cleared. With the debt removed from your record, you’ll see your points climbing once again.
Legal Consent
Since your bankruptcy is a matter of public record, you’ll have little legal leverage to claim an individual or a business who accesses the file. Thus, if you go to apply for a job, a rental apartment, or credit, those individuals obtaining your credit report with your consent are going to be made aware of your bankruptcy filing. Additionally, in specific applications, there may be questions concerning whether or not you have ever filed bankruptcy before in any capacity. This is another way where your bankruptcy can become public.
There is Light at the End of the Tunnel
I’ve worked with hundreds of clients through the years. I can tell you, firsthand, that although filing bankruptcy is never easy, you can recover. The key to getting back on your feet again is to be financially responsible for the next two to three years after filing. While that seems like a long time, you’ll be eligible once again for a student loan, house mortgage, or car loan before you know it. While some people view bankruptcy as the end of the road, our view is that you are starting the next chapter in your life. Keep your head up and keep moving forward.
Professional Bankruptcy Services in Minneapolis
Before you file bankruptcy, you’re going to need legal counsel. Ron Lundquist, Attorney at Law, can help you navigate through your bankruptcy from start to finish. I provide personal Chapter 7 and Chapter 13 bankruptcy services, as well as foreclosure services and business bankruptcy services. To schedule an initial consultation, call our office at 651-454-0007, or you can message us on our contact page.