While criminal and civil courts have been in prominence in the United States for a long time, bankruptcy courts have only recently come into the lime light. With a staggering economy and the sub-prime home loan crisis, many people have filed for bankruptcy, so much so that bankruptcy courts all over the country have been more in the news than ever before. The Washington DC Bankruptcy Court handles matters related to bankruptcy under chapters 7, 11, 12 and 13 in the Washington DC Region. Additionally, it documents and publishes case details to the public in the form of Washington DC Bankruptcy Court Records.
Bankruptcy cases can be filed in a Washington DC Bankruptcy Court under Chapter 7 and Chapter 13 of the laws of the land. If a case is filed under Chapter 7, the trustee takes stock of the assets that form a part of the defaulter's estate, gets it transferred to cash and then pays off the outstanding debt to the creditors. In most instances of Chapter 7 bankruptcy, there are hardly any exemptions; therefore, there may not be a liquidation of the assets of the debtor. These are referred to as no-asset cases.
Chapter 13 bankruptcy cases are filed by those who have a property like a home which the debtor wants to save from getting taken over and which does not fall under the category of state specific exemptions. According to this law, the debt can cleared over a period of time and it is perfect for individuals who have a regular income.
As the Washington DC Bankruptcy Records the bankruptcy laws in here provide certain exemptions such as:
- The District of Columbia does not provide any exemptions for homestead as there is no law for the same
- All clothes provided to the family members not exceeding US$ 300 for each is exempted
- Beds and bedding materials, furnishings, furniture, sewing machines, stoves and cooking utensils, radios are exempted up to US$ 425
- All kinds of mechanical tools are exempted up to US$ 200
- All furniture including office and library furniture and other tools of a professional man or an artist is exempted up to US$ 300
- Automobile not exceeding the value US$ 500 is exempted
Find Washington DC Bankruptcy Records Online
Accessing the records of Washington DC Bankruptcies has become convenient with the availability of the data from online sources. If you wish to know about bankruptcy cases or want to cross check an individual or a business's financial background, all you need is a computer and an Internet connection. Just find out a reliable website that offers records of all the bankruptcy cases in Washington DC and log on to search the database. You can use the first and second name when searching for the bankruptcy records of an individual and the name of the business when looking for the same.