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The Bankruptcy List

Jun 17, 2008
A bankruptcy list is an index of people or companies who have filed for bankruptcy. When someone or a company files for bankruptcy, it means that such entity or person is incapable of, or is greatly unable to pay off loans taken, or unable to pay off their bills.

In these cases, debtors need to make a detailed filing of bankruptcy and must provide information such as name, gender, address, income, filing date, marital status and amount of lien. This claim must be filed with state, federal, or county courts, and the matter is subject to public concern and thus open for everyone to view. Thus, it is common for some companies to get information from these records and determine the worthiness of a person or company's claim.

Bankruptcy Claims

In addition to identifying persons as well as companies who have at some point in time applied for or filed bankruptcy claims, the bankruptcy list provides personal and financial information of each claim as well as the filing type and what the claim status is. The status of a claim can either be "filed," "dismissed" or "discharged." If a claim has been "filed," it has been submitted and is still active and under consideration. "Dismissed" claims have been terminated and are cases in which the subject is unable to pay off the debt. If a claim has been "discharged," it means that the debts were paid off and ultimately eliminated. The bankruptcy list is a complete record of a person or company's bankruptcy claims. Even in the case of a dismissed claim, the record is kept and available to the public upon request.

Greatly Helps Lenders Assess Creditworthiness Of Applicants

The bankruptcy list is very important for businesses that depend on credit. A file for bankruptcy shows up on individual and company credit rating. Therefore, the bankruptcy list helps lenders form an opinion about the credit worthiness of an applicant who applies for credit. A lender such as a car dealer, mortgage financier, and credit card company makes great use of the bankruptcy list to determine the reliability of its customer. With the bankruptcy list, a lender can research credit histories of applicants so that they end up approving only those with good credit standing.

It is also important to note that bankruptcy lists identify people that have filed for bankruptcy in the past as well as those who have only recently filed for bankruptcy. The bankruptcy list is constantly updated and provides companies with up-to-date information.

However, the bankruptcy list is mostly available only after paying a fee. The list does not contain exhaustive information, as it is generally compiled from databases from the entire country and contains information about millions of businesses as well as individuals. These bankruptcy lists can also be sorted based on status, address, name and even filing type.
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Dealing with the stress & anxiety from excessive credit card debt? Find out more about how consolidation can lower your stress and get you out of debt faster on the Debtopedia website
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