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 such cases, debtors need to make detailed filing of bankruptcy and must provide information such as name, gender, address, income, filing date, marital status and amount of lien and such claim must be filed with state, federal or county courts and the matter is subject of public concern and thus open for everyone to view. Thus, it is common for some companies to get the information from such records and make from such information a bankruptcy list.
The bankruptcy list is in essence an index of persons as well as companies who have at some point of time applied or filed bankruptcy claims. In this bankruptcy list, it is possible to find all of the information that the person filing for bankruptcy had provided to the courts when filing for bankruptcy, and there is also included filing type and what the claim status is. Thus, the status of a claim can either is that the filing has been filed, dismissed or discharged and this status is contained in the bankruptcy records and thus can become a part of any bankruptcy list. Also, the status of filing will mean that the claim has been submitted, while dismissed points to the case having been terminated without having been discharged, and in which the debts are deemed as being not in a position to be paid off. In case the status is mentioned as having been discharged, it means that the debts have been eliminated.
Greatly Helps Lenders Assess Creditworthiness Of Applicants
The bankruptcy list is very important for those businesses that need to depend on credit, and when a person files for bankruptcy this is shown on his or her credit rating which is where bankruptcy list can help lenders form an opinion about the creditworthiness or not of applicants who apply for credit. Thus, lenders such as car dealers, mortgage financiers and credit card companies find these bankruptcy list to be of great help as they can research credit histories of applicants so that they end up approving only those with good credit standing.
It is easy to see that bankruptcy lists allow many companies to identify people that have filed for bankruptcy and it is even possible to identify those persons or companies that have only recently filed for bankruptcy.
However, these bankruptcy list are mostly available only after paying a fee though they do contain exhaustive information as they are generally compiled from databases from the entire the country and contain information on millions of businesses as well as individuals, and these bankruptcy lists are even available sorted on status, address, name and even filing type and are constantly being updated from time to time.