Unfortunately, the topic of debt is often viewed as taboo, despite the majority of Americans carrying some form of debt, whether it be student loans, credit card debt, or medical debt. Additionally, many assuming that anyone who has filed for bankruptcy has failed in some way. However, this is far from the truth, as there are many reasons one may need to seek financial relief. Regardless this is a sensitive subject for many, and hesitation can grow when you learn that your bankruptcy will become a public record in Texas. If you’re ready to file but want to learn more, the following blog and a Memphis, TN consumer bankruptcy attorney can help with any issues you may have.
What Should I Know About Bankruptcy Before Filing?
When you want to file for bankruptcy, it’s important to understand that there are different chapters you can choose from. The first, Chapter 7, is available to those who pass the means test. Essentially, if your yearly income is less than the median for the state of Tennessee, you can choose this option. In Chapter 7, your assets will be liquidated to pay off creditors and the remaining qualifying debt will be forgiven.
Chapter 13, on the other hand, is for those who do not qualify for Chapter 7 or who do not want to liquidate their assets. This option involves creating a repayment plan that will last three to five years. Upon the last payment, any remaining qualifying debt will be discharged.
Will My Bankruptcy Become Public Record?
In Tennesee, it’s important to understand that your bankruptcy filing will be considered public record once you file. This means that anyone can technically access the records associated with your case, though confidential information like your Social Security Number will be redacted. However, just because these records are available does not mean they are easily accessible, meaning many people will not go out of their way to look them up.
When you file for bankruptcy, and your records become public, the act of viewing them can be an incredibly tedious process. This is because these documents are uploaded to a system that requires a password to access. Although you can register for an account, many will not go through the trouble to do so.
It’s also possible that some locations will publish bankruptcy filings online. However, this is relatively uncommon.
What Should I Do if I’m Ready to File?
If you’re ready to file for bankruptcy, it’s in your best interest to connect with an experienced attorney who can help guide you through the complexities of this process. Not only can they help ensure you take the necessary steps to file correctly and on time, but they can answer any questions you may have regarding your case becoming public record. This can help you feel more confident in your decision.
When you are ready to begin the bankruptcy process, it’s in your best interest to connect with an experienced attorney from the Arnold Law Firm. We understand how complicated these matters can be, which is why we are committed to fighting for you to experience financial relief through this process. Connect with us today to learn how we can assist you through these complicated times.
