Some debtors on the verge of filing for bankruptcy have tons of considerations to take into account, such as how to regain assets lost in bankruptcy proceedings, rebuild their damaged credit, and reestablish their finances after a bankruptcy declaration. These individuals may have already decided that filing for bankruptcy is the best debt relief action they can undertake, although they may reconsider this decision and have to amend their financial plans once more because of the possible effects of a bankruptcy name search. 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. People considering bankruptcy at some point in the future should also read up on the degree of access others may have to their financial information, including data which concerns their bankruptcy declaration.
The Bankruptcy and Insolvency Act contains regulations surrounding bankruptcy, which are implemented by the Office of the Superintendent of Bankruptcy.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.All a searcher has to do is open an account with the OSB and pay a set fee, after which he or she provides information about the subject of the search (name, location, and age included) and is given pertinent information from the database. Although it is possible for your neighbors to pay the fee and conduct a bankruptcy name search, unless he or she has a specific reason to suspect you?ve filed for bankruptcy, it is unlikely they will ever do so and your bankruptcy will remain private.
Newspapers may also be a source of bankruptcy information, as trustees may place notices of bankruptcy to inform creditors about the financial situation of a specific person or business. Do not think that this will happen to you, as only high-profile cases that have to do with large amounts of money merit such exposure.
In essence, anyone may be able to find out things about a person?s consumer proposal or a business? bankruptcy filing once they pay for a request and provide the necessary data. What these filers need to realize is that the likelihood of somebody they know searching for their bankruptcy information is slim if there is no cause to do so, although they should expect potential creditors to request a bankruptcy name search as a starting point to examine the state of a filer?s finances before approving a loan or lending some money.
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