Bankruptcy Statistics and Data for Your Business
Bankruptcy defines the legal status of an individual, a business or other entity which is no longer in a position to repay the debts that are owed to creditors. Bankruptcy is initiated by the debtor, and in most jurisdictions, it is imposed by a court order. The Federal courts give a fresh lease on life to those filing for bankruptcy , when they are in no position to pay their debts. The courts oversee processes which ensure that the loss to debtors is mitigated in the best way possible. It also helps to restructure debt for a failed business or provides structural and orderly liquidation of the failed enterprise and deters potentially dishonest claims.
Bankruptcy Records Maintained by Failed Businesses
For businesses which can no longer pay back its creditors and file for bankruptcy, keeping copies of bankruptcy records is crucial. These records pertain to both – the petition and the discharge. The first document filed in a case is the petition which is continually amended and updated with the latest information. The discharge is the court order which makes the business free of the responsibility of paying the debts and is proof that the debts are no longer owed by the business. These two records prove that your business debts have been discharged and you no longer are under any debt.
Court Bankruptcy Records
On the other hand, the courts also keep records of the bankruptcy petition filed by any bankrupt entity. Copies of closed bankruptcy case files are available for public viewing and can be ordered if so required. There are many ways in which one can gain access to bankruptcy data.
Public Access to Court Electronic Records (PACER) is an online public access service for court and docket information. Written requests can be submitted either through mail or e-mail for copies where the case had been filed. Copies of closed cases, which are archived in the Federal Records Center / National Archives, can be obtained directly.
BEBdata Houston has over 40 years expertise in the field of bankruptcy data compilation. Our bankruptcy database contains more than 20 million bankruptcy statistics providing information ranging from filing dates, discharges and dismissals to Chapter 7 and Chapter 13 and presenting our clients with bankruptcy leads. Our bankruptcy list is updated on a day-to-day basis, and we have a reputation of offering our clients accurate bankruptcy data.