Bankruptcy Data FAQs

What is bankruptcy data?

Bankruptcy data refers to the collection of detailed information related to bankruptcy cases. This includes information about debtors, creditors, court filings, case outcomes, and associated financial transactions. For example, bankruptcy data may include petition details, schedules of assets and liabilities, statements of financial affairs, and creditor matrices. By analyzing this data, organizations can identify trends in financial distress, track recovery rates, and assess the broader economic impact of bankruptcy cases. 

Where can I find bankruptcy data?

Bankruptcy data can be accessed through several reliable sources. The Public Access to Court Electronic Records (PACER) system provides direct access to federal court records, including bankruptcy filings. Additionally, specialized platforms like Epiq AACER® offer enhanced tools to aggregate, organize, and analyze bankruptcy data for specific use cases, such as compliance monitoring or portfolio management. These platforms simplify access by integrating court data with advanced analytics and reporting capabilities. 

What types of bankruptcy are most common?

The most common types of bankruptcy filings are Chapter 7, Chapter 13, and Chapter 11. Chapter 7 bankruptcy involves liquidation of assets to pay creditors and is primarily used by individuals and small businesses. Chapter 13 bankruptcy allows individuals to reorganize their debts and create repayment plans over a specified period, often three to five years. Chapter 11 bankruptcy is commonly used by businesses to restructure their debts and continue operations while repaying creditors. Each type serves different needs, making it crucial to understand which is most applicable in various scenarios. 

How long do bankruptcy records remain on a credit report?

Bankruptcy records can significantly impact credit history. Chapter 7 bankruptcy filings generally remain on a credit report for 10 years from the filing date, while Chapter 13 filings typically stay for seven years. This distinction reflects the difference in repayment structures, with Chapter 13 involving partial debt repayment. The presence of bankruptcy records may affect creditworthiness, making it crucial for individuals to actively rebuild their credit profiles after filing. 

Are bankruptcy filings public information?

Yes, bankruptcy filings are considered public records, allowing creditors, researchers, and other interested parties to access them. However, sensitive personal information, such as Social Security numbers and financial account details, must be redacted to comply with Rule 9037 of the Federal Rules of Bankruptcy Procedure. This ensures privacy and mitigates risks of identity theft. Platforms like Epiq AACER® enhance security by automating redaction processes and applying encryption measures. .

Can bankruptcy data be used for research purposes?

Bankruptcy data is a valuable resource for research, spanning areas such as economic forecasting, risk management, and public policy analysis. For example, researchers may use bankruptcy data to study the financial health of specific industries or regions. Epiq’s platform facilitates these efforts by providing structured datasets that are ready for analysis, ensuring that the data is both accurate and comprehensive. 

What are the limitations of using bankruptcy data?

While bankruptcy data is highly informative, it has certain limitations. Redactions required for privacy compliance may restrict access to some critical details, potentially affecting the depth of analysis. Additionally, discrepancies in court filings or outdated records can pose challenges for users relying on manual processes. Leveraging advanced tools like Epiq AACER® helps address these issues by consolidating data from multiple sources and ensuring accuracy through automated updates. 

Why is data privacy such a critical focus in bankruptcy processes?

Data privacy is crucial in bankruptcy due to the sensitive nature of the information involved, such as personal financial records and creditor details. Compliance with Rule 9037 ensures that identifiable information is redacted from public filings to prevent misuse or identity theft. Epiq enhances privacy protection by applying encryption, access controls, and automated workflows to secure sensitive data. For instance, court documents are processed with safeguards to ensure that only authorized parties can view or extract critical information.

How can big data analytics improve bankruptcy outcomes?

Big data analytics transforms bankruptcy management by offering predictive insights and risk assessments. For example, using historical data and machine learning algorithms, organizations can forecast trends in bankruptcy filings, prioritize creditor claims based on likelihood of recovery, and identify potential fraud cases early. Epiq’s platform integrates these capabilities, allowing legal teams to make informed decisions and allocate resources effectively. 

How does automation reduce workload for legal teams?

Automation significantly reduces the manual workload for legal teams by handling repetitive tasks such as docket monitoring, payment matching, and noticing. For instance, Epiq’s bankruptcy solutions automatically identify new filings, notify stakeholders, and reconcile payment disbursements, minimizing errors and saving time. By integrating automation into workflows, legal teams can focus on strategic priorities rather than administrative tasks.