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Bankruptcy can be a wonderful thing, allowing you to get a fresh start and a clean slate. And you may wish that your past mistakes would not be visible to the world. However, It is important to understand that bankruptcy filings are public, which means that records of your bankruptcy case can be obtained by the general public as part of publicly available court documents. However, it is also important to consider that just because bankruptcy records are public, does not mean that everyone will see them or even care to look for them.

Bankruptcy & Your Future

Bankruptcy comes with many myths and misconceptions regarding its impact on one’s future. Under the U.S. Bankruptcy Code – which was intended to help consumers struggling with debt, not punish them – bankruptcy is designed to NOT be a ruinous or permanent scar that hinders your future. Instead, it’s effects are temporary and how it affects your ability to obtain credit, loans, and other forms of financial transactions not only depends on unique circumstances but also becomes easier over time as you establish better credit.

For the most part, the general public will not care about viewing your bankruptcy records. Records of your filing – usually in the form of information provided on a credit report – will largely only be of use to creditors and lenders who extend loans and lines of credit based on your financial background. Although a bankruptcy filing can remain on your credit report for up to 10 years (or less in some cases), you can still obtain credit and loans and improve upon your credit score.

A Financial Fresh Start

Concerns about privacy and bankruptcy filings often stem from feelings of shame and embarrassment. While understandable, consumers should take comfort in knowing that although bankruptcy records are technically public,
they will largely remain private and only used by creditors who you provide content to pull your credit report, creditors listed in your case, and on any applications or instruments where you choose to personally disclose
the information.

What’s more important than worrying about your past and previous financial struggles is your new financial fresh start. With bankruptcy, you have the opportunity to gain control of your finances, make payments
toward preexisting debt that can allow you to save your home and property, and/or benefit from a discharge that frees you from insurmountable debt loads. With this cleared path, you can better navigate toward a brighter financial future and one in which you can expound upon the benefits of bankruptcy.

Carolyn Secor P.A. focuses its practice in the areas of Bankruptcy and Foreclosure Defense in Clearwater, Florida. For more information, go to our web site or call 727-335-7151.