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Gawker found bristles at bankruptcy information being made public

While filing for bankruptcy protection may be the best option some in Salem have to overcome massive debts, it still may not mean that the process will be an easy one. It is imperative that those who choose to take this step understand the challenges that may lay ahead of them. One of these may be the fact that given that bankruptcy cases are presented in court, their proceedings become a matter of public record. This means that anyone can potentially access information related to such proceedings, including the exact details of one’s assets and liabilities, as well as his or her financial struggles. Some may feel uneasy at the prospect of such information being made public.

Such was the concern of the founder of Gawker, who recently sought Chapter 11 bankruptcy protection after being mandated to pay Hulk Hogan $125 million for having posted illicit images of the wrestler online. The man was apparently unprepared for the fact that members of the press would be allowed to listen in on his testimony detailing his financial struggles. His displeasure could be plainly seen in his body language as he was compelled to provide details of his lavish lifestyle, which included renovations to his multi-million dollar Soho apartment and an expensive wedding celebration he threw in 2014.

Few may like the prospect of having others hear about their financial difficulties. However, the uneasiness that comes with having such information shared may end up being a small price to pay given the debt relief that a personal bankruptcy may provide. Anyone who is worried about sharing his or her personal financial information may find that an experienced bankruptcy attorney has the answers needed to assuage those concerns.

Source: The New York Post “Nick Denton prefers press stay home from bankruptcy hearing” Marsh, Julia, Aug. 25, 2016

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