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.

Bankruptcy proceedings are carried out in designated bankruptcy courts here in the US. The courts maintain these bankruptcy records online and is available to the public.

Value addition made by accessing bankruptcy records

There are various reasons which may lead you to investigate a person’s bankruptcy records.

• He is your potential business partner and you want to be sure about his financial background.
• If you are a stakeholder in his business.
• The person in question has approached you for a loan.
• You are interested in helping the person or company that has filed for bankruptcy proceedings.

Where Can Public Bankruptcy Records Be Found?

• Case Files in Paper: Till 1999, bankruptcy records were maintained in paper format. The bankruptcy list can be accessed from the court where the particular case was filed.
• Electronic Case Files: Since 1999, most of the case files have been maintained electronically in bankruptcy databases. These can be accessed through the internet-based service known as Public Access to Court Electronic Records (PACER). One needs an account after which the service will allow you to search for bankruptcy court cases and the records.
• Telephonic Court Records: The Voice Case Information System is a telephone system available in all the bankruptcy courts. This free system allows interested callers to obtain bankruptcy statistics of a person or a business 24 hours a day.
• Older Court Records: Older case files and court records are transferred and preserved in the National Archives and Records Administration (NARA) from where they can be accessed directly.

BEBdata brings in a blend of accurate record keeping and dedicated focus on updating the records on a timely basis. The almost half a decade experience has helped us to gather a voluminous bankruptcy database that has helped professionals across multiple industries, law firms, insurance agencies, banks, financial institutions, to name a few. The bankruptcy list available at BEBdata in Houston has provided immense value to companies operating in these industries.

When a company or person is forced to file for bankruptcy they acknowledge the fact that they are unable to turn their losses into revenues and hence, need relief from further payment of their debts. Dedicated providers of bankruptcy records and leads deliver profiles of prospective clients, who are seeking legal representation, to attorneys.

Why Bankruptcy Records Might be required

When bankruptcy is filed, the record is filed either in the person’s name or the company’s name, as the case might be. Bankruptcy records are available for the public, and there are many reasons you might need to research records to find out why a person has filed bankruptcy. A bankruptcy list is vital if you want to take up a financial decision. Some other reasons would include the following:

• You need to know the financial position and financial history of your prospective business partner.
• A person has come to you for loan, and you are checking whether he is a person who can return your money.
• You are curious about the financial position of a specific business.
• You might even want to know the reasons for the person filing bankruptcy and his bankruptcy statistics.

Banks, financial institutions, law firms, and insurance agencies will find such databases amazingly valuable to grow their business and provide timely professional assistance to people in need.

Researching Bankruptcy Records with a Bankruptcy List

While going through a person’s bankruptcy records, two considerations are to be made:

• The reason for filing bankruptcy – The financial situation arising due to outstanding student loans and leading to bankruptcy will not be the same as the financial situation arising due to credit card overspending and leading to bankruptcy.
• The time of filing bankruptcy, which would expose a person’s current financial status – A person who had filed bankruptcy 10 years ago would be more stable financially than a person who has filed bankruptcy only a year ago.

With over 40 years of experience in the field of bankruptcy data compilation, BEBdata is the pioneer in bringing together bankruptcy data and list. The more than 20 million bankruptcy records in our bankruptcy database are well-researched and reliable with up-to-date and accurate information.

Bankruptcy data is gathered about people who have filed under Chapter 7, 11, or 13. The bankruptcy law protects financially troubled businesses by filing for bankruptcy under any of these sections. Filing for bankruptcy can help a person or business in paying off the debt they have borrowed under a structured plan, with minimum damage to the creditors. This plan helps them in repaying the debts to some extent.

Why the need for Bankruptcy databases?

A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. This petition can be filed by businesses, partners or any corporation. Due to the nature of the petition, there are many people involved – banks and insurance companies to name a few. To carry out their business without going insane it makes sense for them to keep track of the people or companies that have filed for bankruptcy. This is where a bankruptcy database comes in handy for them.

Expertise of BEBData’s Bankruptcy Data

BEB Data Houston is one such reliable and accurate bankruptcy database where you will find numerous such cases. We gather all the bankruptcy leads and store in our database on a regular basis. All the bankruptcy data is directly collected from the US Federal bankruptcy District courts. Trying to do this on your own can be a very time-consuming procedure. Hence our database can add immense value to your productivity.

The number of bankruptcy filing in U.S has increased over the last century. With over more than 20 million records, we offer you a wide information including filing dates, dismissal charges, and many such valuable information. Our comprehensive website allows you to track bankruptcy cases, access documents, creditor committee and receive the unsecured creditor lists. This bankruptcy list is gathered from the local courthouses nationwide in order to save you a lot of time and effort. With accurate bankruptcy records you can be sure to get a unique and valuable information each time you use BEB data.

All bankruptcy cases are handled in federal courts under the rules outlined in the U.S. Bankruptcy Code. Lawyers, finance companies, home loan companies, and insurance agencies are sure to benefit from this data. With this site, you can access records filtered by case number, chapter, discharge or dismissal, or filing date.

For many, who have had to face hard times in business, declaring bankruptcy is the only way out. There might be any number of reasons which have led them to this situation; their debts might have spiraled out of control, their business did not quite take off as expected or they might even have been laid off at work.

Whatever may be the cause, the end-result leaves them helpless, and at such times, they turn to legal professionals to help them solve their financial predicament. Bankruptcy is filed in the courts and the bankruptcy records are made public with a bankruptcy database which is known as a bankruptcy lead. This database or the bankruptcy list includes all details of the person who has filed for bankruptcy.

But instead of waiting for such people who need your help to come to you in times of need, it would be worth your business if you can reach out to them. Bankruptcy lead generation companies bridge this gap between you and those who need legal representation from you for filing bankruptcy.

Types of businesses for people filing for Bankruptcy.

• Some businesses reach out to people who have filed for bankruptcy but have not been granted their petition. Based on the bankruptcy claims which are available in the bankruptcy leads, companies approach such people.
• Businesses can also refuse to work with people who have declared bankruptcy. Since they are unable to repay loans, applying for a fresh loan becomes impossible unless their credit history is restored. The bankruptcy statistics makes it difficult for them to get traditional loans, and they have to now look for alternative resources to borrow money.

Businesses using Bankruptcy Leads

There are a number of businesses that use data from a database of bankruptcy leads in their business operations. Some of these are credit report firms, car dealers, mortgage companies and credit card companies.

There are many who are seeking legal advice with their bankruptcies. We, at BEBData maintain an accurate and up-to-date bankruptcy data in our database, collected daily from nationwide courthouses. Our expertise is guaranteed to help you expand your business and boost your revenue with the most cost-effective but quick and efficient ways.