While looking in the pages of dictionary, I found that bankruptcy originated from two latin words bancus and ruptus. Bancus means bench and ruptus means broken. Now, in the practical life bankruptcy has nothing to do with the broken bench. It is simply an inability of a person to pay the debts. So, financially ruined person is termed as bankrupt.
Why Bankruptcy is safer and easier option
When a person declares himself bankrupt, it helps him to make his life easier and little bit simpler. He can give a fresh start to his business endeavor. However, bankruptcy carries a social stigma with it. It is disgraceful in nature and after-effect of the bankruptcy need to be carried out by the concerned victim for the entire life. It is thus financial expert suggest that filing for bankruptcy should always be the last option to get the rescue from any kind of debt problem.
A person facing the debt problem undergoes many mental problems. He is distressed and for him bankruptcy may seem as the only possible solution to get out of financial crisis. But research and expert financer suggest that bankruptcy should not be opted until and unless there are other option available. Bankruptcy in its real term is a very big concept and it bears several propositions that can differ with situations.
Before filing for bankruptcy, you should be aware with the facts like working of the bankruptcy, the cost related to the bankruptcy and the pros and cons related to the same. Bankruptcy records, obtainable to the public are available at a very nominal charge. It helps decide the cautiousness of a business venture. Bankruptcy proceedings are commenced by creditors or debtor in the case if the latter is unable to pay off his debt. The debtor can be a company or an individual. The petition is filed in a bankruptcy court, and after the court’s approval, the assets of the debtor are liquidated or the partial repayment is allowed. The court proceedings are documented properly and the records are made in public. These records are accessed by public and it is free of cost or very nominally charged.
Information Present in Bankruptcy Records
The bankruptcy records are open for the public and the requester can access following records from the documents.
- The bankruptcy petition: It contains the name of creditors, debtors, lawyer, judges and the trustee (who so ever are related with the case).
- The total amount of money involved in the bankruptcy case, the nature of the case and the reason why bankruptcy was carried out.
- You can also find the chronology of events and the entire document submitted during the legal proceeding.
- The final judgment of the case or the pending status if left incomplete
Apart from the aforementioned detail bankruptcy document also contains answer to informational questions like how the bankruptcy records are going to help the society and mankind. It gives an access to the financial strength of the company and consumer. The bankruptcy public records are available online or it can be obtained from VCIS i.e. voice case information system.
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