What Information Do I Have to Disclose When Filing for Bankruptcy?

New Jersey bankruptcy attorneyFiling for bankruptcy should always begin with the consultation with an experienced bankruptcy attorney, who can help you figure out what is in your best interests and how to proceed with minimal disruptions to your life. Understanding what you may need to disclose in the bankruptcy process is also important because there are so many different things you need to consider, and you need to be honest in all of your bankruptcy paperwork in order to avoid problems.

Creditors and Bankruptcy

You will need to know when to tell creditors about your bankruptcy in order to get the protection afforded by this filing. Since bankruptcy filings are a public record matter, these can be accessed and searched for by anyone. If you do choose to file for bankruptcy relief, it will likely stay on your credit report for as long as 10 years. You don’t typically have to disclose a bankruptcy unless you are specifically requested to do so, but a bankruptcy will likely stay on your credit report and therefore, be searchable for 10 years following the filing date.

Credit reporting agencies also have their own guidelines regarding when they may stop reporting a bankruptcy. Typically, a Chapter 13 bankruptcy will be removed from a credit report as early as seven years. Anyone who pulls your credit may learn of the filing. If you wish to receive particular security clearances or join the military, you will need to be upfront about your previous bankruptcies during that application process.

A credit check may be required as well. Since each branch of the military has their own rules about eligibility in terms of finances, you’ll want to talk specifically with the recruiter before you fill out your paperwork to figure out whether or not your previous bankruptcies will have an impact on your ability to join the military. In all of these situations, the support of a dedicated bankruptcy lawyer goes a long way towards helping you understand what to anticipate and how to best protect yourself.

Schedule a Consultation With a New Jersey Bankruptcy Attorney

The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.

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Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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