bankruptcy court records

Bankruptcy Court Records

Bankruptcy court files contain detailed financial and other information on people and companies filing the bankruptcy actions. They include:

  • their gross income and the sources of that income
  • their assets, including bank accounts, stock, real property and businesses they own or in which they have invested
  • a list of creditors, their addresses and the amount owed to each creditor. This will include a list of employees who are owed money, such as a final paycheck.

Creditors also will be divided into two groups - secured and unsecured. The secured creditors are first in line to get repaid. They usually include tax agencies like the IRS or companies that received official pledges of security, such as a bank that received a deed of trust for property that secured a mortgage loan.

A trustee is often appointed by the bankruptcy judge to oversee the person's or company's assets until the case is settled.

There are several different types of bankruptcies that people or companies can file, depending on whether they want to just reorganize their finances or want to liquidate their businesses or assets.