Should a Bankruptcy Name Search Affect My Decision to File in Alberta?

Posted by: Sandy Lyons on 12/30/2011

Individuals faced with debt they can no longer manage have a lot on their plate, including the possibility of bankruptcy as a debt relief option and the repercussions that an eventual filing may have on their finances. The accumulation of substantial amounts of debt already comes with a high degree of financial and emotional strain – should these individuals need to think about the impact of a bankruptcy name search on their lives?  Should the possibility of a bankruptcy name search sway their decision on whether or not they should file? Here are some things you need to know about a bankruptcy name search.

The BIA, or Bankruptcy and Insolvency Act, consists of statutes which govern the process of filing for bankruptcy in Canada. The BIA states that bankruptcy is a legal agreement and upon filing with the court, becomes a matter of public record. The Office of the Superintendent of Bankruptcy maintains a comprehensive database of these records that for a fee, is accessible by the public.

A bankruptcy name search will provide a searcher for information about bankruptcies filed by an individual or business. To access this database, an individual, creditor, credit agency, or anyone else is required to open an account and pay a fee of $8.00. Upon payment and the establishment of an account, the searcher needs to input data about the person or business he or she is looking for – name and address included.

While the searcher does need to provide certain criteria to request an insolvency name search, there are no such requirements for the searchers themselves. Anyone can obtain information via a search to find out an individual or business’ consumer proposals or bankruptcy filings. However, you should know that a bankruptcy name search is usually requested by lenders or creditors – you don’t have to worry that your reputation will suffer because it’s unlikely that your family members, friends, or acquaintances will go to the OSB unless there is cause to do so.