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U.S. Bankruptcy Records and Learning the Process of Filing for Bankruptcy
U.S. bankruptcy records can provide a thorough exposition as to what
insolvency means, and why people or businesses fail to meet their financial
obligations. The petitioner in the suit usually opts for one of the six modes by
which he could extinguish his debts. These records are available upon request
from the court clerk. They can also be obtained online through government and
private databases.
A review of U.S. bankruptcy records could provide fruitful information about
how cases involving bankruptcy proceeds. This set of information will, in
essence, show the answers to the questions on what (is bankruptcy), why (would
one need to file for bankruptcy), how (does one file for bankruptcy), and how
long (does one need to wait for a resolution of the case). But to save on time,
here are some of the answers to such questions.
What is Bankruptcy?
Bankruptcy is the situation that an individual or business finds himself or
itself in after incurring high amounts debt, and that he or it has no longer any
capacity to pay such amount. The legal definition of the word is that it is a
legal proceeding that deals specifically with settling the issue of debt between
a creditor (or group of creditors) and an individual or business.
Filing a petition for bankruptcy allows the business or individual to gain a
second chance, so to speak. The bankruptcy code provides for a mechanism by
which such bankruptcy matters can be settled amicably between the two parties
(creditor/s and debtor) involved.
The Six Types of Bankruptcy
The petition can be filed based on the six types of bankruptcy enumerated in the
code. Chapter 7 deals with the liquidation of assets of an individual or
business to pay off such debt. Chapter 9 deals with Municipal bankruptcy cases.
Chapters 11, 12 and 13 deal with some form of reorganization – an individual or
business keeping their assets and developing a payment scheme based on the
individual or business’ current level of income. Chapter 15 is the bankruptcy
mechanism in situations where the debtors are foreign businesses.
Filing for Bankruptcy...
The first thing that one should do when planning to file for a petition for
bankruptcy is to look for a lawyer. One could be found through telephone
directories, contacts from friends, relatives or associates, the local bar
association, or through a list provided for by the court clerk. Of course, under
U.S. Federal Law, one can always represent himself without a lawyer.
When filing for bankruptcy, apart from filling out the necessary form (although
available at the local bankruptcy court, one can also download a form from the
U.S. Government Court online service: www.uscourts.gov/bkforms/index.html), an
individual or business would need to provide a statement of assets and
liabilities. The statement should include a list of creditors as well. And upon
paying the corresponding fee, you will have started your bankruptcy proceedings.
Although every citizen of the United States of America is entitled to a speedy
trial when it comes to criminal cases, there are unfortunately no similar laws
for civil court cases like bankruptcy suits. As such, the process can actually
be delayed due to several circumstances like higher priority (criminal) cases.
Some reasons for delay cannot also be attributed to the court itself. As such,
it would be prudent to review one’s own records to determine the status of his
case. U.S. bankruptcy records are actually available at the court clerk’s office
upon request, or online through the federal court’s online system called PACER
(Public Access to Court Electronic Records).
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Begin your hassle-free search for U.S. bankruptcy records at
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