One of the many risks that business owners face is that of a customer or vendor filing for bankruptcy. If a customer files for bankruptcy, a business becomes just another unsecured creidtor among many. If a vendor files for bankruptcy, expected materals may not materialize leaving the business scrambling to find other options.
The sooner you know about the bankruptcy filing of a customer or vendor, the sooner your business can react to minimize the loss or disruption.
Each year, business bankruptcies in our database list over 750,000 creditors.
Official bankruptcy court notification can take weeks. Notification only goes out to creditors listed with the original creditors list filed by the business, which is often incomplete. If you become a creditor after the initial filing, (such as if you invoice after the bankruptcy filing) you may not be notified at all.
If your vendor files for bankruptcy, you won't be notified at all!
The sooner you know, the better!
Bankruptcy monitoring can notify you of the bankruptcy filing of a business entity that you monitor within 24 business hours of a bankruptcy filing?
If it is your customer that files for bankruptcy, you can hold back any shipments and demand payment up front. If your vendor files for bankruptcy, you can react days or weeks sooner than you might otherwise to shore up your supply chain.
Every day, we pull in all the most recent business bankruptcies. Each bankruptcy case includes either the EIN (if the business is an entity) or SSN (if the business does not have an entity but is doing business under a DBA) of the debtor.
To monitor your customers or vendors, you simply need to provide a list of EINs and SSNs for us to monitor. Every day, we compare the EINs and SSNs you'ved asked us to monitor against any new bankruptcy filings, and notify you if there is a match.
We charge 2 cents per entity per day of monitoring, and no monthly subscription is required.
As an example, monitoring 50 EINs and SSNs against all new bankruptcy cases daily, will cost about $30 a month.
First, if you don't already have an account with us, or aren't currently a customer, sign up for a free account.
Next, go to the My Account section of our website.
Enable bankruptcy monitoring with the ENABLE EIN/SSN MONITORING button.
This opens up the monitoring tab so you can add EINs and SSNs to be monitored.
EIN / SSN numbers in the lists should be separated by a space, comma, or newline. Each time you submit the list, it entirely replaces the previous list, so make sure you include all the numbers you wish to monitor each time you submit.
If you still have questions about our bankruptcy monitoring service, please contact us.