The rising number of New York Bankruptcy Filings is a source of major concern for the government authorities. The financial crisis has impacted United States of America in more ways than one. Financial giants like Lehman, Freddie Mac and Fannie Mae, Merrill Lynch and many others have either filed for bankruptcy or have been rescued by a government bailout package. Bankruptcy makes it impossible for an individual or an organization to clear their outstanding debts or loans. To give you an idea about the deteriorating state of Bankruptcy in New York, there have been a total of approximately 60,000 petitions for personal bankruptcy relief for the fiscal year ending on March, 2009. The number of business organizations filing Bankruptcy in New York stands at nearly 3700 for the same period. Both the numbers are a record for the second circuit bankruptcy court of which the New York Bankruptcy Court is a member.
Whenever a person files for bankruptcy in New York state, there is an entry into the New York Bankruptcy Records. An individual or a company or organization can either file New York Bankruptcy. The most important type of bankruptcy filing is a straight bankruptcy, filed under chapter 7 of the rules. Such bankruptcies erase all debt and can lead to a fresh start for an individual. It is often referred to as liquidation. Working individuals and wage earners can file bankruptcies under chapter 13 as well where they can pay back their debts over a number of years.
The importance of looking through the New York Bankruptcy Records becomes paramount when one is doing a background check of someone from the state. Be it an individual or a company or an investigative organization, the public availability of such records grants everyone access to important and useful information. For example, Phoenix New York Bankruptcy lists can be checked when performing a search on someone from Phoenix. The process works similarly for all other settlements in the state as well. Be it county records or New York Federal Bankruptcy records, everything can be found online today very easily.
Locate and Verify New York Bankruptcy Records
Filing for bankruptcy in New York is usually done with the help of an experienced bankruptcy attorney. This is the responsibility of Bankruptcy Court located in the different districts of New York. With regard to the filing for bankruptcy in New York, you can contact any of the court located at Brooklyn, Albany, White Plains, and such others. These courts are also responsible for preserving all records related to the State of New York bankruptcy. Though the New York Bankruptcy Law permits you to file a bankruptcy petition without the help of an attorney in certain situations, it is strongly recommended that you take help of New York Bankruptcy Attorneys. These people are experienced lawyers with considerable knowledge of State Of New York Bankruptcy laws.
An individual consumer can file for bankruptcy in New York according to Chapter 7 and Chapter 13 of the bankruptcy laws. New York Bankruptcy Attorneys will guide you regarding the New York Bankruptcy Laws. New York Bankruptcy Filings can be made either under Straight Bankruptcy that corresponds to Chapter 7 and Wage Earner Bankruptcy corresponding to Chapter 13. Bankruptcy in New York is dependant on the median family income as designated by the Census Bureau. The cases that were filed in New York Bankruptcy Court adhered to the numbers stated by the bureau.
Even in the cases of bankruptcy certain things are exempted from the list of declaration. These include schoolbooks, Bible, child support and alimony, professional tools amounting to $600, furniture, household items, burial land measuring 1/4th of an acre and many more such things that are clearly mentioned in the state specific laws.
There are three bankruptcy courts in the state of New York. These include the United States Bankruptcy court for the southern, northern, eastern and western district of New York. Bankruptcy laws in New York are almost same in all the four courts of New York with minor variations here and there. The United States of America has a dual system of democracy in place. There is the central federal government as well as the individual state governments for each of the fifty states. Thus, the New York Bankruptcy Records can be obtained centrally or through the state government agencies.
If you choose to get the records of a person Filing Bankruptcy in New York centrally you have the option of National Open Records Search website. This website has a separate page dedicated to New York Bankruptcy records. All you need to do is visit the relevant page and perform a search by entering the first name, last name and the state of an individual. However, the most authentic source of New York Bankruptcy records continues to be the PACER or Public Access to Court Electronic records online. The link to PACER is provided on each of the district website pages. This service requires you to register once to get a user id and a password. Though PACER charges nominal fees for its services, it is timely, reliable, and accurate and can be availed from the comforts of your homes. VCIS or the Voice Case Information System service of New York Bankruptcy Court provides you with a brief overview of the case.
Among information available to the public from are the individual or organization names, case number, present case status, attorney name with contact details, creditors list, trustee name with contact details, address, social security number, income tax id and many more. Filing bankruptcy in New York is often a way out for individuals and organizations who have no means for repaying debts. You need to be sure about any person or business before you begin any financial transaction with the same. New York Bankruptcy Center can help you with finding these bankruptcy records. Bankruptcy laws in New York dictate that the records of bankruptcy made accessible to the public. The online sources offer all details of the cases filed according to the category. However, what has become a major concern for the authorities is the continuous rise in number of bankruptcy frauds. The recent financial meltdown has resulted in an increasing number of Bankruptcy frauds. The most common form of such fraud includes people hiding their assets to avoid repayment of their outstanding loans.
It must be remembered that New York Bankruptcy Laws does not permit discrimination of individuals and organizations on the ground that they possess a history of bankruptcy filings. If any citizen of New York Bankruptcy Court is found guilty of violating this law, he or she is liable to be prosecuted under the US law. This law was put in place to stop the discriminatory attitude of organizations towards the citizens with prior records of bankruptcy.
Moreover, it is essential that you correctly analyze the information obtained from the New York Federal Bankruptcy records. Most people have the tendency to avoid any trade with an organization that has previously sought bankruptcy relief at the New York Bankruptcy Center. This is a totally wrong way of doing business. What you should be concerned about is the present bankruptcy records of the organization. Also see how many bankruptcy cases are pending with the New York Bankruptcy Center. This provides a much better idea about the financial viability of the organization. But, at the same time do not ignore the history completely. A company filing Bankruptcy in New York on a number of occasions should be carefully analyzed before carrying out any financial dealings.