Bankruptcy Records

Records that document the state or condition of a person (individual, partnership, corporation) who is unable to pay its debts as they are, or become, due. File may include correspondence, credit report, court documents, and other related records.

Category

Finance

Maintainer

Student Financial Services

Retention Period

Retain records for each loan for five years following the date the loan is repaid in full by the borrower, or written off.

Citations

12 CFR 219.24; 34 CFR 682.414

Disposition Instructions

Confidential destruction is required. Paper must be shredded, pulped, or incinerated; electronic records must be overwritten or the storage media physically destroyed. Deletion of information in computer files or on electronic storage media is not sufficient.

Last Updated: December 31, 2008