Debt can be an extremely worrisome burden that seems almost impossible to get out of. There are debt elimination, debt consolidation and debt settlement plans that people may choose to resort to. Another option is the seemingly easy fix of filing for bankruptcy. It turns out that this process is anything but an easy fix when you consider the lasting consequences.
There are a couple common forms of bankruptcy that can be filed when an individual ends up in tremendous debt. Bankruptcy will stay on an individual’s credit report for seven to ten years, depending on which type is filed. Chapter seven will be reported for ten years, and chapter thirteen for seven years. However, bankruptcy will always follow you because nearly all credit applications today ask if you have ever filed for bankruptcy. The difference between chapter seven and thirteen is that with seven an individual does not have to pay creditors and all debts are then discharged. In chapter thirteen, an individual repays a portion of their debt to creditors.
Bankruptcy records are considered public information, and there are times when an individual seeks out such information about another. Bankruptcy can be very serious with regard to any sort of financial issue. There are numerous ways a person can gather this type of information of any individual or company. Finding bankruptcy records could not be easier, yet some do not know where to look and actually pay money for the information. All a person has to do to get bankruptcy information is to call the bankruptcy court’s automated VCIS number (Voice Case Information System). They can then run a search by case number, name, or social security number. The system will then read off information about the case. Some courts will have this available online, as well. The VCIS lines are currently free to use.
There are several online web sites that will help in the search for bankruptcy records. Bankruptcy data (www.bankruptcydata.com) provides instant access to information on thousands of business bankruptcy filings from over eighty federal bankruptcy districts. Information on bankruptcy, public records and privacy can all easily be accessed online. KnowX bankruptcy search is a way to check the financial stability of businesses and individuals. It covers all bankruptcy districts in the United States and serves as an excellent scan of financial history.
There are other web sites that provide access to bankruptcy records. Instant bankruptcy check (www.instantbankruptcycheck.com) allows you to perform a search by either name or social security number. The results will appear and the entire process is done with complete confidentiality. When the results show, there is no way that the person’s name that performed the search would be revealed to anyone. It is completely confidential and a wonderful way to find true information about those needed.
Bankruptcy is a major decision that should not be taken lightly. It remains on a person’s credit for seven to ten years, depending on the type of bankruptcy that is filed. This information can be accessed by almost anyone because it is considered public information. Such records will be viewed regarding individuals seeking any kind of loan, employment, insurance, or major purchase. Instead of filing for bankruptcy, those in need of cash might want to consider one of several debt elimination programs that are offered online.
By Kristin Lockwood