Should the Possibility of a Bankruptcy Name Search Influence Your Decision to File for Bankruptcy?
People who are thinking about filing for bankruptcy to alleviate their overall debt have many considerations to take into account, including how to manage its effects on the monetary and emotional aspects of their lives. An individual who faces bankruptcy already has to face possible asset loss, identify ways to rebuild credit, and modify financial plans that went off course because of struggles with debt. Needless to say, a filer is occupied at best, but some people are also concerned about the possibility of a bankruptcy name search how it could impact their reputation.
Bankruptcies are Public Information
The Bankruptcy and Insolvency Act states that all filed bankruptcies are considered legal agreements and as such are part of the public record. This means any interested individual can access bankruptcy information via an open database maintained by The Office of the Superintendent of Bankruptcy.
Due to the fact that anyone may be able to access such delicate information, many people are reconsidering bankruptcy and looking for other ways to relieve their debt. A searcher only has to open an account with the OSB, provide details of the party whose information he or she is seeking, and pay a small fee to apply for what is also known as an insolvency name search. Ordinarily, the average individual does not go through the trouble of contacting The Office of the Superintendent, open an account, and pay to request a bankruptcy name search on a whim. In general, people or groups that need to closely examine an individual’s finances before deciding to work with them usually use these searches. These interested parties typically include credit agencies and creditors.
There is also the possibility of bankruptcy information being published in traditional print media, although publication of data about an average bankruptcy case is unheard of. Newspapers may host notices of bankruptcy from a bankruptcy trustee for the purpose of informing creditors and similar parties about a newsworthy or high-profile case – you’ll need to keep in mind that only cases involving huge sums of money are subject to publication, and that your case probably isn’t going to merit space in the daily news.
Should you still file for bankruptcy in light of the possibility of a bankruptcy name search disclosing information that you think should be kept private? Financial information is something that many people would rather keep to themselves. However, you should realize that the likelihood of your friends, family, and acquaintances obtaining access to this information is slim to none. Unless those close to you have reason to do so, only creditors, credit agencies, and similar outfits will have any cause to look up these financial details via a bankruptcy name search to find out if you’re a good candidate for loans or credit.
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