Beneficiary based in the USA? We’ve got you covered!
As most probate practitioners are aware, the Law Society advises that, before making a distribution to a beneficiary that a bankruptcy search is conducted.
Where a beneficiary is resident in the United States of America, this can be less than straightforward, and this is where International Bankruptcy Searches can help.
Our USA bankruptcy searches cover all states of the USA.
What is required for a US Bankruptcy Search?
American bankruptcy records record the name and address of the debtor at the time of the bankruptcy. As the population of the USA is around 330 million, common names may appear multiple times in the records and it is then hard to work out if this is your beneficiary or someone with the same or similar name.
Luckily the bankruptcy records also record the bankrupt’s Social Security Number, which effectively acts as a unique identification number for US citizens, permanent residents and temporary (working) residents. By supplying us with the beneficiary’s Social Security Number we can conduct an accurate search to identify if your beneficiary is subject to bankruptcy in the USA.
Our USA bankruptcy searches are £45 per search (that is the total fee- nothing else is added!). We require the name, date of birth, address and Social Security Number of the search subject. If the Social Security Number is not available, we may be able to conduct the search without this however this is likely to yield a large number of results and therefore provide a less accurate search result, especially if the name is common in the USA.
We pride ourselves on our high service level, quick turnaround times and competitive pricing so if you have any special requirements regarding timescale, multiple searches, price levels etc, please just pick up the phone and the team will be happy to do all we can to help.
What else do I need to be aware of?
Another important (and often overlooked) aspect of distributing funds to beneficiaries abroad is how to deal with the currency exchange when distributing to overseas beneficiaries (ie if you are paying out in one currency and the beneficiary will receive the funds in their local currency). Careful consideration should be given to how to efficiently transfer this money to prevent loss to the beneficiary and/ or the estate. For more information about how we can help you have your clients hundreds (if not thousands) please just get in touch.
How can I order a bankruptcy search in the USA?
Orders and enquiries regarding USA bankruptcy searches (and bankruptcy searches for other countries too!) can be made via email: info@internationalbankruptcysearches.com, over the phone 01244 478201 (or 0044 1244 478201 if calling from outside of the UK) or via our website: USA Bankruptcy Searches.
We look forward to assisting you soon.
For more information about ordering a USA bankruptcy search, including prices and timescales, please click on the order button below.
or contact us on 01244 478201