Monday, September 28, 2009

Are Bankruptcy Records Easy to Find?

Are Bankruptcy Records Easy to Find

Bankruptcy is the legal process by which an individual declares himself or herself to be in a financial position that incapacitates him or her from paying the debts. In other words, the individual does not have sufficient money to pay the bills. Bankruptcy records contain the names of individuals and their date of filing for bankruptcy, amount of debt due along with other personal and financial information.

Bankruptcy records are primarily used by credit companies to determine the credit score of the individual. Based on this score, the lending rate for an individual is determined by the lending institutions. The bankruptcy filings are valid for ten years only and during this time it can have a big impact on the credit score. If you are looking for a record as a part of your background check on an individual, you can find them at the below mentioned sources.

Bankruptcy records are not very easy to find because of the personal nature of the records. It is easier to locate these records using the Internet because you will have access to more than one source at the same time. The National Archives that is maintained by the Government is a good place to start your search. The Public Access to Court Electronic Records (PACER) is an electronic service in which you can obtain the case information from bankruptcy courts for a small fee. You can also visit your local library to check if they have any bankruptcy records.

There are many companies that offer to find the bankruptcy records for you at a reasonable charge. These companies will save you valuable time and effort and so you can consider this option if you have just a handful of records to search. In short, bankruptcy records are hard to find and it requires a lot of effort.

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