People often ask me about their privacy when they are considering filing for bankruptcy. Naturally enough, they wonder if their family and friends, or their co-workers, will know about their private affairs. Sometimes people wonder if one type of bankruptcy is more private than another.
Chapter 13 Bankruptcy is a common and effective means of filing for bankruptcy for individuals — as opposed to businesses. I like to say that it is in many ways a form of debt consolidation. It is known as an “individual reorganization,” and for good reason, because it allows you to reorganize your finances, consolidate your debt and then pay back some of it over time.