Many people won’t even consider filing for bankruptcy because they fear that everyone they know will find out. It’s a valid concern, too. No one wants the whole world to know his or her private affairs.
That’s where we have good news. If you file for bankruptcy in Texas, the whole world won’t automatically know.
Who will know if I file for bankruptcy in Texas?
First, let’s discuss who will know if you’ve filed. First, your creditors and lawyer will know that you’ve filed. Second, anyone you tell will know. These people will, without a doubt, know your financial situation.
Just like someone’s dating situation is good gossip, so is someone’s bankruptcy filing. The surest way to keep your friends and acquaintances out of the loop is to keep this news to yourself.
But isn’t my bankruptcy filing public record?
Yes, your bankruptcy will be public record. But let’s take a look at many filings there were last year.
There were more than 1.4 million bankruptcy filings in the U.S. between Oct. 1, 2010, and Sept. 30, 2011, according to the Administrative Office of the U.S. Courts. Almost 86,000 of those occurred in the states of Texas, Louisiana, and Mississippi.
Those are massive numbers of filings. Unless you are a celebrity, politician, or high-profile person in your area, chances are good that no one is going to spend the time and energy to find out if you’ve filed unless they’re specifically trying to obtain information about you.
Worried about potential media coverage? Let’s ask this: Why would media outlets care if a non-celebrity filed for bankruptcy? They wouldn’t. Your filing is not news – too many people do it for it to be news.
It’s been our experience that most newspapers don’t include information about who has filed for bankruptcy. Even if they decided to print it, who would be interested enough to read it about a non-celebrity?
Filing for bankruptcy in Texas is an option
It’s time to put bankruptcy back on the table if your fear of everyone knowing is the reason why you’ve discarded it as an option for your financial situation.