Bankruptcy Records - What They Are and How to Search for Bankruptcy Public Records
In today's financial reality, many people find themselves with debts they cannot repay, which can mean bankruptcy. Filing for bankruptcy is a very difficult decision, but one that can help people get out of their financial slump, and even clear the debts hanging over their heads. Bankruptcy records are made available to the public, and viewing them can be very important in many cases. Bankruptcy records are often necessary when money is involved, like with business ventures, and now you can learn about these public records and how you can easily find them.
What is Bankruptcy?
Bankruptcy is a legal term and status that refers to a person (or another entity) who has gotten into debt they cannot repay. To settle the debt, the debtor (person/entity) who owe money to a creditor approach a bankruptcy court and file a bankruptcy statement. The most common bankruptcy filings are chapter 7 and chapter 13, that can be filed by legal entities, a person, or spouses.
Once the person/entity file a bankruptcy request, they begin the process of clearing their debt. Under the guidance of a bankruptcy lawyer, people who are in debt can pay off their debt with a payment plan that suits them, and in some cases, the debt is cleared altogether.
All bankruptcy cases in the United States are handled by federal courts under the U.S. Bankruptcy Code, and each of them is inspected individually to determine the best course of action for both the debtor and the creditor.
How Long Does Bankruptcy Stay on Record?
Bankruptcy records stay on records for 7 or 10 years from the date of the filing. People who file Chapter 13 have their records deleted 7 years after they filed for bankruptcy. To delete such records, people or other entities must repay their debt, at least partially, and only then their records can be expunged and not revealed by others.
How to Find Bankruptcy Public Records?
People who get in business with others, or need to find out about the financial past of other people, can view bankruptcy records online, or request them offline. Bankruptcy records are court records that can be viewed by people under the Freedom of Information Act in the United States. To find such records, you will need to contact the court that handled the case of the person in question in the state where the request was filed. You can also request bankruptcy records via mail/fax/email – depending on the state and court in question.
To make the process quicker and easier, you can use an online court records directory that can provide you with bankruptcy records within minutes. By using GoLookUp's public records directory, or background check directory, you can find out if certain people filed for chapter 7/chapter 13 without having to go anywhere.
By entering the name and state of residence of the person in question, GoLookUp will perform a record check for you, and provide you with a report about the person in question in a matter of minutes. The report will reveal if the person you are searching for filed for bankruptcy, and you can learn if the said person told you the truth about their financial history.