If you deal regularly in bankruptcy, you may find that you need information far beyond that which you have from your existing sources. Bankruptcy law comes up in a variety of places: debt collection agencies, fraud, identity theft, helping someone file for bankruptcy, immigration proceedings, and even juror selection. If you’re not totally sure why it could be useful to have access to bankruptcy information, here are a few common uses of this information.
1. Learning More About Opposing Parties
This is especially helpful if you’re interested in getting information on the opposing parties in a financial case. Understanding the opposing party’s financial assets and any financial problems that person has had over the years can give you an “in” that’s genuinely beneficial if you’re looking for information regarding arguments you may be able to bring against them.
- If an opposing party in a legal dispute has had financial issues, that could give you insight into other parts of the dispute.
- Bankruptcy records and an understanding of bankruptcy law can help you understand the financial issues they’ve faced.
- Having solid, up-to-date information can help you stay updated on the status of your case.
2. Finding What You Need for Client Relationships
If you have a legal client relationship, it’s important that you know everything about your client. Obviously, you hope your client will give you the information you need to proceed with the proper steps, but it’s never a bad idea to double-check that information. It can help you build a more thorough client relationship.
- Once you’ve taken on a client, you expect to get real information, but you can never be totally sure.
- The best way to be sure about all client information is to use third-party bankruptcy information.
- With a verification system through third party collections, it’s easier to trust your clients and create a high-quality relationship.
3. Making Sure Someone’s a Good Witness or Sponsor
Are you hoping to bring someone in as a witness on a case or have them financially sponsor an individual for one reason or another? It’s a good idea to know that the person in question has never had to file for bankruptcy. These are things an opposing party or government agency can discover, often with ease, and use to discredit the individual. It’s important to know what does and doesn’t count, and whether any bankruptcies exist in the past.
- If you’re calling someone to be a witness or a sponsor, it’s good to vet them thoroughly and make sure they don’t have bankruptcies.
- Though you want to trust someone’s word on bankruptcies, you may need to verify the information through a third party.
- Going through all the same steps as an official government agency can help you determine problems before they arise.
These solutions are scalable, which means they work well for an organization of any size. It’s just as easy for your organization to use them as for a much larger government agency or law enforcement agency.
4. Understanding the Reasoning Behind Bankruptcy Claims
Why do people declare bankruptcy? Obviously, the answer isn’t just because they want to have the bankruptcy case impact their record for many years. There are many reasons someone may file a bankruptcy claim, and some of them demonstrate less personal responsibility than others. If you want to know whether someone’s bankruptcy claim was due to poor financial habits or something unexpected like a medical crisis, you need access to those records.
- Understanding a bankruptcy claim requires information about all sorts of factors, including the reason for filing the claim.
- If you’re trying to learn more about someone’s bankruptcy claim, official records may be able to help.
- Learning more about bankruptcy in general and finding specific bankruptcy records can help you with this.
“One of the biggest differences between Tracers and [other providers] is the personally identifiable information that Tracers provides.”
Kerr Russell Paralegal
What’s the Best Way to Stay Up to Date On Bankruptcy Information?
When you want to learn more about bankruptcy information, you need access to a system that can handle the ever-changing background surrounding bankruptcy law. Staying up to date on relevant records is an important part of understanding bankruptcy law, especially if you’re looking for information on clients or opposing individuals.
That’s where Tracer’s data comes in. With this data, you can do what you need to for yourself and your clients. That may include information regarding past bankruptcies and other bankruptcy-related records. You can even collect information outside of bankruptcy records, like risk management data and skip tracing.
Don’t get caught in a situation where you don’t have access to the right records. Use Tracer’s data for legal professionals to make sure you check and double-check anything your clients are telling you before you present it as fact.