A bankruptcy records search can provide information about the bankruptcy actions individuals have taken. Bankruptcy is a method of reducing or eliminating the debt one owes do to various financial limitations. An individual must file a petition with the federal court for this particular event to occur. Individuals must abide by the state’s laws and work through a long process to file bankruptcy. Once filed, creditors cannot make claims against the individual’s estate or further try to collect on the debt. Because this is a legal action in a federal court, it is a part of federal public records and therefore available for anyone to access.
For those who wish to know about the bankruptcy actions of another person, performing a bankruptcy records search is possible. This process allows individuals to get information about these legal actions individuals have taken. When bankruptcy occurs, the process generally takes about two to three months to process. During that time and at the time of filing the documents, these records remain open to the public. They will stay on the individual’s record for ten years or longer, depending on state and federal limitations. Throughout this time, anyone who wishes to know about the bankruptcy action can access the records.
Bankruptcy records search information often contains a great deal of information. A basic search will reveal the information about the individual filing for bankruptcy. This will include the name, address and other identifying information for the individual filing the action. It will also contain the name of the law firm, if any, working with the individual, as well as the date of the filing, any action the bankruptcy trustee has taken as well as any pending asset liquidation occurring. In some cases, these documents are more thorough and they will provide information about the reasons for filing as well as the overall expected discharge date.
There are many reasons to gather these records. Individuals may wish to learn about the notations in the public about their own situation. In other cases, these records can prove ownership loss of property from the owner through the bankruptcy filing. For creditors, gathering this information can be helpful in determining if it is possible to continue to pursue the individual for the debt owed. These records can also provide for connections to various real estate or other assets once owned by the family or individual filing.
A bankruptcy records search can be conducted online. It is possible to use the court’s database to look for this information if you have the individual’s name, address, case number or other vital identifying information. There are other databases requiring less information also available. By using these tools, individuals can learn more about the bankruptcy filing action as well as the outcome of these court cases. Not all cases will be awarded as discharged. In addition, the bankruptcy records search will also provide information about the type of bankruptcy filed as well as information on any business bankruptcy cases that may be occurring.