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. They may have already prepared for the impact of bankruptcy on their future with a licensed bankruptcy trustee and found no other feasible recourse, but are being forced to change their plans extensively because they do not wish the potential disclosure of their financial state to friends and family. Does the possibility of such a search merit changing your financial plans again?
People who are mulling over bankruptcy as a potential method for debt resolution should educate themselves on the topic. 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 OSB has a database wherein all such information is kept, making a matter of public record.
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.
The print media may also provide bankruptcy information on a certain filer, as this media is used by trustees to give creditors notice. 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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