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Bankruptcy Records – The How and Why
Posted by Kim on Friday, November 18th, 2011 at 12:02 pm
If you have filed for bankruptcy, you may wonder what records are available to the public. Perhaps you’ve never filed bankruptcy, but you may have the need to check on a potential customer, employee, tenant or business partner. There are a multitude of reasons you may need to know more about bankruptcy records.
The Creation of Bankruptcy Records
Filing for bankruptcy allows debtors to meet with creditors through an intermediary known as a bankruptcy trustee. The case is filed in Federal Bankruptcy Court. Once the case is settled, the debtor is released from liability and is considered to be discharged from the bankruptcy.
According to the Federal Bankruptcy Code, all bankruptcy filings are considered to be public record. Once a bankruptcy petition is filed by an individual or business, a public notice must be served to the creditors informing them that the debtor has filed for bankruptcy protection.
Why Search Bankruptcy Records?
Bankruptcy records can be of great assistance to you when making financial decisions. Here are some of the more common reasons you might want to search bankruptcy records:
- Determining the financial background of a potential business partner
- Learning the financial history of a business
- Discovering the reasons why a person or business filed bankruptcy
- Whether or not to lend money to an individual
- Checking on a potential tenant
- Protecting yourself prior to marriage
- Looking to see what details are available to the public with regard to your own bankruptcy
Factors to Consider
When searching bankruptcy records, there are important factors to consider. First, consider the reason the person filed for bankruptcy. Someone who files bankruptcy due to outstanding medical bills or student loans suggests a different financial situation as compared to someone who filed due to credit card overspending.
Secondly, you should consider when the person filed for bankruptcy. A recent bankruptcy filing, such as within the last year or two, may not indicate a financially stable situation. Whereas, a bankruptcy record from a decade or more ago, may point toward a more stable state of affairs.
Where to Look for Bankruptcy Records
Bankruptcy hearings are held at the Federal level in bankruptcy courts. Therefore, you should first determine the Federal District where the person resides. The courts maintain an online record system called PACER. It is available to the public.
If you are an employer, landlord or lender, you can also search the person’s credit report. Depending on the type of bankruptcy filed (Chapter 7, 9, 11, 12, 13 or 15) the bankruptcy remains on the credit report for seven to ten years.
Start with a background and criminal record search first. Net Detective offers unlimited searches for a very reasonable price. https://orders3.netdetective.net/ndps10/order.php
If your potential employee, tenant, business partner or future spouse passes those searches with flying colors, then it’s time to move on to the bankruptcy search!
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About This Site
My name is Kim and I am a freelance writer. I have over 30 years of experience in office management and administrative expertise. I specialize in handling customer service, training and writing for online businesses.
Writing has always been my passion. I am an avid animal lover who is combining my love of writing and animals together in the children’s books I am writing.
The Internet has opened up a whole new world for people of all ages. While most of us agree it’s changed our lives for the better, there are still precautions that you need to take. I want to help you navigate the Internet safely. However, being security conscious doesn’t stop with the Internet. This blog will be your source of information and education to keep you and your family safe online and offline.
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Kim
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Please review the Disclosure Policy on this website.
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Kim