Bankruptcy

A search for Bankruptcy Records will aim to collect personal and commercial bankruptcy records on an applicant.

The records will be retrieved from the US Bankruptcy courts. With specialists worldwide employed by Information Direct, records will be obtained from courts throughout the US and Canada.

According to US courts, Bankruptcy is a proceeding that has landed in court involving the assets of a person and the liabilities of a person or businesses in such matters, who can't pay their bills.

A judge and a court trustee will examine the proceeding in which a file is being claimed and decide to either discharge the bills and debts associated or not. If it's decided that the debts will be discharged, the person or business will no longer be legally required to pay them.

Timeframe for Results

There is a quick turnaround time for records provided to you in a search for Bankruptcy records. The timeframe for most results is within 24 hours. Information Direct will work diligently to complete a search for bankruptcy records and provide the details for any results obtained in a timely manner.

This quick turnaround of 24 hours would be for most results in a Bankruptcy Search and give you the ability to make a decision or proceed with moving forward on a hiring decision on an applicant.

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Why Bankruptcy?

Bankruptcy gives people the help or relief they may need who can no longer pay their debts. It gives them the opportunity for a fresh start. This reset button on debt is possible by liquidating assets to pay the debts. It may involve creating a repayment plan.

There are laws for Bankruptcy in which Information Direct will assure that all searches are complete in accordance with the law, and that information obtained will outline what the laws entail with Bankruptcy which also protect businesses in financial trouble.

Federal Courts

A Bankruptcy is a Federal Court case. All cases involving Bankruptcy are handled in federal courts. These proceedings are handled under rules outlined in the U.S. Bankruptcy Code. When Information Direct begins the search process, the records obtained will disclose the US Code in which the case was allowed to be heard in Federal Court and the results of the case.

Bankruptcy is not limited to just one form and one type of case to be brought to Federal Court. Different types of Bankruptcies are referred to by their chapter in the U.S. Bankruptcy Code .

An applicant seeking a job opportunity at your company may have filed for Bankruptcy depending on their situation. An individual typically will file for Chapter 7 or Chapter 13 Bankruptcy . To differentiate between who is file for what type of Bankruptcy, a city, town or village for instance, or even school districts, would file for Chapter 11 according to US Courts.

Under legal terms, for an individual, it is preferred to file Chapter 7 Bankruptcy . The reason being is that unlike Chapter 13, the individual is not required to repay a portion of the debt to creditors. As for Chapter 13 bankruptcy, an individual must pay the amount remaining after allowed monthly expenses. The is repaid to creditors for three to five years.

Financial Consequences

It's highly recommended than an individual seeks advice from a qualified lawyer when considering or proceeding with filing for Bankruptcy . There are long-term term financial and legal consequences in filing and being granted. Someone can file on their own by the way, and that is called filing pro se.

When filing for bankruptcy, your credit rating takes a big hit. This is a significant consequence. While the effect on your credit rating is serious, it is temporary. Bankruptcy also has a bad reputation on an individual which may in some cases reflect the inability to manage finances, or irresponsibility with finances.

For an employer, this may or may not be considered in a hiring decision, but depending on the type of company, the Bankruptcy Search may be a key factor.

Financial Behavior

While reviewing the results from a Bankruptcy Search on an applicant, an employer, depending on the type of company in which this is a factor, may want to consider behavioral aspects. If a bankruptcy file is in motion in Federal Court, and the screening provided to you uncovers this fact, it would be bad for an individual to run up new debt. This may feed into the reputation or otherwise irresponsive manner in handling finances for the individual.

An individual, or applicant in question for this matter, may do so if it was absolutely necessary. You may want to seek further articulation to verify the behavior and the need to run new debt while Bankruptcy is in motion.

The reason an employer would want to pay close attention to this, is because this can be considered fraud.

Information Direct will disclose this information in records obtained after a search in conducted. While records may be lengthy, Information Direct has specialists world-wide who are able to summarize reports while providing full detail in the record being provided to you.

The behavior of the individual involved in filing for, and/or being granted approval for Bankruptcy , may not reflect the ability or inability to perform duties outlined in the position being sought after with your company. It is Information Direct commitment to providing reliable and accurate information to help an employer make a confident hiring decision.

Bankruptcy Help

If granted approval for bankruptcy, under provisions outlined by the US Trustee Program, all individuals who file for bankruptcy are required to complete pre-bankruptcy credit counseling and pre-discharge debtor education.

These programs may not be simultaneous. In other words, they won't be required at the same time. The first thing that needs to take place is credit counseling. This is what needs to be done before filing for bankruptcy. So the help for the individual is there and may reflect good behavior depending on the person's situation. And after filing for Bankruptcy , debtor education must take place.

The search process and records obtained which help employers limit liabilities in the workplace can be critical in a hiring decision. Our exceptional services are all provided at affordable, and often below market pricing.