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.