Unclaimed bankruptcy funds are proceeds that have not been claimed by their owners, individuals or businesses from the bankruptcy courts. These abandoned funds originate from bankruptcy filings, are administered by trustees and end up in Federal Bankruptcy Courts when owners can’t be located. When individuals or businesses get bankruptcy protection their creditors and shareholders may not get paid any money owed. However, once the bankruptcy procedures are finalized the assets may be distributed to creditors, vendors and shareholders by court order.

Federal Bankruptcy Courts

Bankruptcy laws are administered by the Federal Court through 94 judicial districts. Individuals or businesses who can’t afford to pay back their debts can file for bankruptcy in one of 94 federal courts. Each state has at least one federal district that handles bankruptcy cases. Bankruptcy filers can reorganize their debts by selling off assets and getting repayment plans under court protection.

Case trustees are appointed by courts to administer each bankruptcy case; they are responsible for distributing any money left to creditors. If funds owners can’t be located by the trustee the money is turned to Federal Bankruptcy Court. Owners can claim the bankruptcy unclaimed funds from the courts.

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