Federal Bankruptcy Records
Bankruptcy records are included in public records. U.S. Federal Legislation provides that bankruptcy records can be viewed by any member of the public. The ideals of fair governance propagate that any information which is collected, processed and maintained by the government must be accessible to the public. This goes for all information except some very sensitive data regarding national security, defense, court proceedings etc. disclosure of which might jeopardize the security of the nation or statesmen and may hamper court proceedings and make witnesses vulnerable. According to Federal Law all public records are viewable by ordinary citizen. However state laws differ on this matter and each state has its own legislation and constitution that determines how much of the data is actually available to the public. For example the state of New York follows a fairly open policy on public records while Minnesota has a more closed policy.
Federal Bankruptcy Records are records of bankruptcy cases filed with the Federal courts. They are very freely available to the public. When an individual or an organization files for bankruptcy the records of the proceedings are included in the collection of public records. Bankruptcy records also include a lot of information regarding the individual or the organization filing for bankruptcy. These include records of the individual’s full legal name, date of birth, full address and even the social security number and the entire assets. Bankruptcy records also include the full details of the case and display the total dues, information on all the accounts involved and any lien that is put on a property.
Federal Bankruptcy Records as mentioned above are records of Bankruptcy cases filed with the Federal Courts. So they are not binding to any state law. As a result they are more accessible than state bankruptcy records. Thus Federal bankruptcy records are a greater source of antecedents of different individuals. Very often these records come to great use. Companies need to check on the antecedents of a person before giving employment to determine the character and trustworthiness of the person. It is very essential to understand how responsible a person is in paying debts. People with les financial credibility may not be good as partners or clients either. Federal bankruptcy records may give a good idea on whether a person or an organization can be trusted with finances and how much the individual or the organization can be trusted with. It is always advisable to look up a person before giving employment in any job related to children and elderly people as in jobs in schools and homes for the elderly and jobs of nannies, nurses and babysitters. The information contained in federal bankruptcy records can also be invaluable for an attorney contesting an alimony, marriage property or custody dispute.
There are five types of bankruptcies under Federal Bankruptcy Law – chapter 7, chapter 11, chapter 12, chapter 13 and chapter 15 bankruptcies. Chapter 7 bankruptcy and chapter 13 bankruptcies deal with individuals while chapter 11 is meant for bankruptcy cases filed by individuals. Chapter 12 bankruptcy is provided for farms and fisheries while chapter 15 is meant for international disputes.
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