Bankruptcy filings are a matter of public record. When you file for bankruptcy protection, your creditors are notified and it will appear on your credit report. However, there will not be a front page ad taken out announcing the fact that you have filed in your local newspaper. Unless your friends and family decide to do a search of public records, more likely than not, they will only know you have filed if you decide to tell them. Often, people have borrowed money from friends or family trying to stay afloat and these people must be listed as creditors on your bankruptcy petition and as a result, they will be notified that you have filed. This is to give them a chance to object.

However, in today’s economy especially, bankruptcy is not a way out reserved for deadbeats. The vast majority of clients we help in our office are honest and hard-working people who have lost jobs in the last year or two, whose home values have declined sharply, whose stock portfolios have become worthless, or who have medical expenses they cannot afford to pay after losing employer provided health insurance. Bankruptcy has always been intended for people who find themselves in over their heads with no other way out. While there has been a negative stigma attached to filing for bankruptcy in the past, there is less and less of that these days. Further, because bankruptcy goes a long way in providing people with the fresh start they deserve, it is not an option that should be dismissed because of any potential embarrassment you feel it might cause were people to find out.

“What was that?” you ask. “Bankruptcy provides a fresh start?” Yes. Bankruptcy isn’t the end of the line the way some people think it is. The purpose of bankruptcy is to give you some breathing room from your creditors, wipe your slate clean and give you a chance to start over financially. How this works exactly depends on what kind of bankruptcy you file. A good bankruptcy lawyer can explain your options to you and can tell you whether or not bankruptcy is even a good idea in your case. Most bankruptcy lawyers will offer a free consultation intended to answer your questions about the process and how a bankruptcy would help you. When you take advantage of a free consultation, take a look around the reception area. Other clients you may see will probably look just like you and me. Not deadbeats by any stretch – just people who have been stretched to the breaking point who need the protection bankruptcy offers to get back on their feet again.