Will Everyone Know I Filed Bankruptcy?

The fact that you filed bankruptcy is public record and if someone wants to do research on you, they will be able to find it. If someone runs a credit report, it will also show up there. Beyond that, the fact that you filed bankruptcy will not appear anywhere in the newspapers as a general rule. There are two exceptions. First, if you are a celebrity, the fact that you filed bankruptcy is newsworthy and consequently may appear in the paper. The second exception is if you are a scoundrel. If you have been arrested for some noteworthy crime, the fact that you filed bankruptcy will almost certainly will be reported. Absent these two circumstances, your name will not appear in the paper. The Philadelphia Inquirer does report bankruptcies filed once a week. The report is on a Monday in the business section and covers all of Philadelphia and all of South Jersey. Typically the Inquirer devotes about four column inches of space to recent bankruptcies. Unless you are a celebrity or scoundrel, your name is not going to appear there.

As mentioned previously, the fact that you filed bankruptcy will appear on your credit report for up to ten (10) years. After ten years, federal law requires that they remove it from your credit report.

The significance of having filed bankruptcy has diminished over recent years. This is in part because since the 1970's our society has become driven by the extensions of credit to consumers. Prior to that, it was very difficult for people to get car loans, mortgages and credit cards. Now it is common for many people to file for bankruptcy in any given year. Well known celebrities file for bankruptcy and major corporations, such as GM Chrysler. See my article “You Can Still File for Bankruptcy”.

What will matter more is what you do after you file bankruptcy. Do you have a steady income? Are you paying your bills time? Those factors will have more importance in the future for you then the simple fact that you filed for bankruptcy.