Individuals and organizations file for bankruptcy when there is no other way to emerge out of a financial crisis. According to the United States Code, Title 11 lays down the bankruptcy code. The basic laws of bankruptcy call for the declaration of the assets and other crucial financial information by the debtor so that he can start rebuilding his setup all over again and is not bogged down by the lenders constant demands for repayment. South Carolina bankruptcy records indicate the number of cases filed In the state over a period of time. South Carolina bankruptcy laws are in compliance with the federal laws with minor state specific modifications.
Bankruptcy can be filed under a number of chapters according to the US laws. The usual one is filing for liquidation; in this bankruptcy all your assets are sold off in order to settle the debts. This is opted for when the individual or business has no chance of recovery and it is the only way out. On the other hand, one can opt for a revised scheme of paying back one's debts if filed under that particular chapter.
The South Carolina bankruptcy court and the Clerk's office are located at Columbia. There are two associated court offices. One of these is located at Spartanburg while the other one is located at Charleston. You can acquire information about their hours of operation and their holiday list from the South Carolina Bankruptcy court website. If you wish to find all details of a particular bankruptcy case, it is better to check for the records from reliable sources. All court records are available for public use. So you won't find it difficult to obtain bankruptcy records. However it would be a difficult task to locate a particular record from the numerous records available. It is the online sources that are the best for tracking a particular one.
Bankruptcy court records all over the United States indicate that in the year 2008 alone, there were 967,831 cases of bankruptcy that were filed. These included both individuals and corporations who had filed for bankruptcy. If one considered the bankruptcy records of the previous year, it showed a steep increase of 28.9% in the number of cases filed. Of these South Carolina bankruptcies, as indicated by the South Carolina court records for the year 2008, accounted for 0.72% of the total number. There were 7,291 individuals whose details were found in the South Carolina Federal Bankruptcy Records. According to these South Carolina Records, the state occupied the 47th position amongst the 51 states in the country as far as bankruptcy cases were concerned.
Whenever you are looking forward to strike a business deal, a background check of your partners and their venture is necessary. As a resident of South Carolina, you can conduct a South Carolina bankruptcy search by browsing the websites maintained by the South Carolina Courts. Here you will find an online version of all data pertaining to South Carolina bankruptcy files. For example, you may require information about South Carolina County Bankruptcy Records for the year 2002. You can come across this information at the South Carolina Courts website. You can also access information through the Public Access to Court Records System or PACER.
Verify South Carolina Bankruptcy Cases Online
If you are wondering about the authenticity of the information procured from these websites, you can be rest assured of its accuracy. The PACER system or Public Access to Court Electronic Records is an initiative of the United States Judiciary and therefore there is no reason why you should be skeptical about its transparency. It includes comprehensive information on South Carolina Bankruptcy Records that takes into account all parties involved in the case, the attorneys, nature of the suit, the decision of the appellate courts and other relevant data.
PACER services are available to all on the payment of a nominal fee. Whenever or wherever you are, you can check on any individual or company for bankruptcy filings before you start financial dealings with them. It acts as a safety net against any potential risk.