Obtaining Unclaimed Money
Simply entering your last name into the database of a new online search tool created by the Federal Court System makes it easy to look for unclaimed funds. The 'Bankruptcy Unclaimed Funds Locator' is accessible through 39 of the 94 court websites in the United States. Why would there be so much unclaimed money?
At the conclusion of bankruptcy cases, owed funds are sent (usually via check) to the parties involved. Sometimes, addresses are incorrect, individuals have relocated, and other details are inconsistent. Frequently, these individuals are unaware that they are owed money, which results in the funds in question going unclaimed and unused. Unless a person claims those funds (properly), it is unlikely that they will be returned to the person who was originally owed a specific amount.
What Becomes of the Money?
In the United States, bankruptcy courts will retain funds for many years. Unclaimed funds are eventually transferred to the United States Treasury. An estimated $280 million in unclaimed funds exist in the United States. Surprisingly, all of these millions are currently inactive due to bankruptcy cases. How long can a debt persist? Depending on the court, some claimants have been able to recover funds from as far back as the 1970s.
Obtaining Your Funds
This procedure begins with a web search to determine if you are one of those who are owed money. If you discover that there are unclaimed funds in your name, it may be difficult to claim those funds. Due to complex court systems and laws, recovering money that is owed to you can be difficult. Hiring a bankruptcy attorney is the most effective strategy for recovering any owed funds. A knowledgeable and experienced attorney will be familiar with the intricacies of bankruptcy law and can assist you in reclaiming funds that are lawfully yours.""
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