In this day and age, most individuals and companies are very careful to keep their financial information as private as possible. Publicly held companies are required to divulge a wide array of financial results on a regular basis in order to keep their shareholders apprised of their status, but most if not all privately held companies and individual citizens would prefer to keep the state of their financial situation a closely guarded secret. However, if they run into trouble and need to declare bankruptcy, their finances matters can be made available in public record.
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Most people would be surprised to learn just how much personal information is laid bare in bankruptcy court records. Companies 1 even offer to provide such information as "name and alias, address, business name, file date, county of filing, case number, social security number, and judges initials" from any bankruptcy proceeding within 1 day of receiving the request for a fee of just $23. For most people, aside from the embarrassment of being identified publicly as being bankrupt, the most troubling piece of personal information being legally sold here is the social security number.
Lawyers and those providing bankruptcy counseling would be well advised to inform their clients of the exact nature of the personal information that will be made public in the filing state to their clients as another factor to be considered when contemplating bankruptcy. In some states it may be possible to seal certain pieces of information relating to the court proceedings, or otherwise keep them out of the public record. Bankruptcy attorneys are familiar with the steps that can be taken in their state on behalf of their clients and ensure this service is a part of their services for clients involved in bankruptcy proceedings. Only an experienced bankruptcy attorney can provide absolute details on the nature of protecting your personal information during and following bankruptcy proceedings. It is important for you to request this protection.
Ensure you retain professional assitance to protect your identity. Social Security numbers can also be used to create new identities. With a social security number and a name, an identity thief can get a new driver's license in your name, open new bank accounts, secure credit cards, or even take out a mortgage. There are even cases were law abiding citizens have been arrested and jailed for actions committed by an identity thief using a falsely gained driver's license or other documents when confronted by police.
Not taking steps to protect your personal information correctly during bankruptcy proceedings can also increase the exposure of your information to marketing databases which are used to target specific individuals for direct marketing campaigns. People who have undergone bankruptcy proceedings can become targets for high interest rate credit cards, or other offers designed to take advantage of their current financial distress.
While many of those considering bankruptcy are vaguely aware that their name and the fact that they filed for bankruptcy will become a matter of public record, very few are aware of the amount of information that may be released as a result of their filing. Bankruptcy proceedings can mean opening oneself to a greatly increased risk of identity theft, hacked accounts, internet scams, and unsavory financial product marketers if you do not seek professional assistance.
The American Bankruptcy Institute reports 4 that in the second quarter of 2009 alone, the state of California recorded more than 53,000 bankruptcy filings giving California the distinction of being the state with the highest number of bankruptcy filings in the United States, a distinction that it has held consistently for years. Just to provide a reference point, Florida had the second highest number of bankruptcy filings in Q2 '09 with less than half that number. The high volume of bankruptcy filings in the state of California, make the issue of publicly available, personal information released in bankruptcy filings a particular concern for residents of the state.
So take the necessary steps to go through the process of bankruptcy correctly. If you must go through proceedings then you MUST seek an experienced bankruptcy attorney prior to making potentially disastrous financial decisions. Also, ensure you do everything you to protect your personal information. Fact is, if you are going through bankruptcy proceedings then you'll have no choice but to open information for review. Protecting who ultimately views that information is paramount to ensure you recover over the long term.
Sources:
1. Discreet Research, discreetresearch.com, retrieved August 19,2009.
2. Release Number 91. Judicial Council of California, 12/18/2001., retrieved August 19, 2009.
3. Gellman, Robert. Public records. Access, Privacy and Public Policy. Center for Democracy and Technology. , retrieved on August 19, 2009.
4. Bankruptcy Filing Statistics-Filings by State. American Bankruptcy Institute. http://www.abiworld.org/AM/AMTemplate.cfm?Section=Home&CONTENTID=58414&TEMPLATE=/CM/ContentDisplay.cfm, retrieved August 19, 2009.
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