Bankruptcy Search there are various reasons why you need to perform a bankruptcy search, but before you do it, and be assured of success, you need to understand what kind of bankruptcy you are searching for. When a company is hiring someone for the position that requires handling of money and finances, bankruptcy search becomes essential. The federal bankruptcy search gives all the bankruptcy information in the file of the applicant. Also, a company is interested in its candidates’ financial accountability and check for the bankruptcy history to have an insight into the candidate’s finance records. Completebackgroundscreening helps you learn about the candidate’s history so that you can make informed decisions.
Below are some of the ideal Bankruptcy Search for companies;
i. Searches on employees handling finance and money information
ii. Staff in the financial and banking staff
iv. C-level executives
Usually, the search results come after two days or five business days if late.
If you are new on this, you probably would not know that there are different types of bankruptcy search cases until you start searching. All the bankruptcy cases fall under three categories, which are filed and settled in a bankruptcy court.
• Chapter 7 bankruptcy search case
This case includes the debtor and the creditor, where the debtor must have a source of income because they are expected to pay the creditor. In circumstances where the debtor cannot pay off their debt, they are forced to sell their assets to pay the debt. This is usually done in the close watch of the court.
• Chapter 13
This is more similar to the chapter 7 case, but the difference is that the debtor is given a time frame of three to five years to pay their debt. The advantage of this case is that you do not need to sell your asset, and until you complete paying the debt, you are not discharged off it.
• Chapter 11
This applies to commercial entities. It is known as reorganization because even though you will pay the debt, the company will need to reorganize the control of the company. Contracts that were signed can be terminated as the company plans to make the payment.
Should bankruptcy search be done in conveyancing
Yes, bankruptcy search should be done in conveyancing. There are various reasons behind carrying out a bankruptcy search on the conveyance process. Usually, this is carried out by the purchasing party as part of the conveyancing process purposely to establish whether they are or about to be bankrupt. This will be for the benefit of the lender. However, where the purchaser comes with cash for the item they are buying, bankruptcy search is not necessary.
To sum up, bankruptcy search is essential for both individuals and companies. However, understanding what type of search you want to perform is key to your success. The process of bankruptcy is a legal one and, at some point, will require the involvement of the court. With a bankruptcy search, you do not need to go to court because you will find all the information online.
Interested in a bankruptcy search service? Completebackgroundscreening.net has got your back and you can get the service at a relatively small fee.
Troy Williams is an internet marketing expert and President and CEO of Verified-Safe, LLC. in Lebanon, Tennessee. During the past 25 years Troy has received training at seminars and workshops on fraud and scam detection and prevention, ethical business marketing and the State of Tennessee required annual continuing professional education to maintain his licensure as a private investigator. When in doubt check them out call us today to get the facts 615-547-9563.