Bankruptcy can have a huge impact on an individual and it’s understandable that someone may not wish to advertise their financial situation to the world. However, once somebody is declared bankrupt, their details are legally required to be available for the public to see.
What is bankruptcy?
Bankruptcy is a debt solution available to a person who can no longer pay back the money owed to their creditors. You will usually need to apply for your own bankruptcy, however in some cases, a creditor may apply to the Court for your bankruptcy.
If you are declared bankrupt, you are stating that you are unable to pay off your outstanding debts and are agreeing to pass the responsibility for your debt repayments to a trustee. Bankruptcy will usually last for 12 months and show on your credit report for 6 years.
Why would I need to look at somebody’s bankruptcy record?
If you intend to deal with somebody financially, it could be important to know their background and see if they are bankrupt. Whether you intend to lend somebody money or are planning to go into business with an individual, you may want to do some background checks to protect yourself.
If you know that somebody is bankrupt, you may wish to find out when this happened, just for your own peace of mind. A bankruptcy record is there to let everyone know which businesses and individuals are bankrupt.
How do I find out if somebody has filed for bankruptcy?
To find out if somebody has been declared bankrupt, you can search the Individual Insolvency Register for their details. You can search by an individual’s name or by company name.
Here, you will be able to find the records of any individual who has an existing bankruptcy or one that has ended in the past three months. You can find out an individual’s case number and who is aiding them with their debt solution.
What do I do if a business associate is declared bankrupt?
If you know that somebody you are doing business with has been declared bankrupt, you should find out who is dealing with their bankruptcy. Details should be available on the Insolvency Register.
Once you know who is dealing with the bankruptcy of the person or business that concerns you, you can write to them to make a claim for any money lost. The Official Receiver may be able to tell you how the business will be dealt with during the bankruptcy process.
Get debt help
If you are struggling financially and are in need of a debt solution, there are several options available. Find out more about bankruptcy and see if it is a viable debt solution for you at www.payplan.com/debt-solutions/bankruptcy