Should a Bankruptcy Name Search Influence Your Financial Plans ...

Posted by publisher on February 10th, 2012

Some people who are worried about a possible bankruptcy have tons of planning to do, as they may want to reacquire assets liquidated in bankruptcy, reestablish good credit, and resolve other financial problems after being declared bankrupt. These people may have found that a bankruptcy filing seems like the most feasible debt relief solution; although some are put off on finalizing their decision to file because of what a bankruptcy name search may dredge up. Even if they receive a go-signal from their financial advisors or bankruptcy trustees, the shame they may experience if a friend or family member does a bankruptcy name search causes many to reconsider. Should this possibility force you out of a bankruptcy filing and deliberate on other means of debt relief?

Those who feel that a bankruptcy declaration is necessary to help them overcome debt and restore a semblance of stability to their beleaguered finances need to know as much as they can about the subject matter. Individuals who are thinking of filing some time in the future may also want to learn about the extent to which other people (including those they know) have access to personal financial data, including information involved in bankruptcy filings.

The Bankruptcy and Insolvency Act provides bankruptcy regulations that the Office of the Superintendent of Bankruptcy implements.The information surrounding a person?s bankruptcy declaration is among those kept by the OSB in a special database.The said data, by law, is a matter of public record, and as such, subject to access by any member of the public.

The information contained in the OSB database is not at all hard to find with a valid bankruptcy name search.The searcher only has to apply for a search by opening an account and paying a fee, after which he or she inputs information that includes the name, age, and location of the subject. Those close to you may set up an account and conduct a search, although this is highly improbable if there is no outright reason for them to do so ? the likely way that they will learn about such matters is if you tell them yourself.

The print media may also provide bankruptcy information on a certain filer, as this media is used by trustees to give creditors notice. This, however, should be no cause for alarm ? the information that makes it to print usually concerns high-profile bankruptcy cases involving large sums of money.

It is true that virtually any person can find out financial information about your bankruptcy declaration that you would rather keep private if they open an OSB account, apply for a search, and provide the needed information. However, filers should know that it is highly improbable for a friend or a family member to pay for a bankruptcy name search if there is no deliberate reason for this action, although the former should expect prospective creditors to conduct a bankruptcy name search to determine the filer?s financial health.

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Source: http://eftanalysis.com/2012/02/10/should-a-bankruptcy-name-search-influence-your-financial-plans/

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