Bankruptcy Workflow

Bankruptcy handling involves legal and compliance teams. Only users with the appropriate role permissions can add or edit bankruptcy records in ConcordLink.

Where to find bankruptcy data

Bankruptcy is now surfaced directly on the obligor record:

1. From the Dashboard, use the Search bar to find the borrower by name, account number, or obligation ID.
2. Open the obligor record.
3. Bankruptcy information is now a first-class field at the obligor level. You will see any associated bankruptcy data for that person directly on the obligor page.
4. Select the Bankruptcy tab to view, add, or edit structured bankruptcy records.

The Bankruptcy tab

Each obligor now has a dedicated Bankruptcy tab where all bankruptcy records for that party are added, edited, and tracked. A record captures the case details: chapter, case number, filing and status dates, court, attorney information, and status (for example, filed, discharged, dismissed, or plan completed).

The tab sits alongside Obligations and Audit History in the tab bar at the top of the obligor record.

The Bankruptcies list

Filings are listed in a Bankruptcies table, one row per bankruptcy record. The table displays these columns:

When the obligor has no bankruptcy on record

If no bankruptcy has been recorded for the obligor, the Bankruptcies table displays its column headers with no rows beneath them. An empty table means no filing is on record for that obligor — it doesn't indicate an error or a loading failure.

Add or edit a bankruptcy record

1. From the Dashboard, use the Search bar to find the borrower by name, account number, or obligation ID.
2. Open the obligor record and select the Bankruptcy tab.
3. Select Add record (or open an existing record to edit it).
4. Enter the case details: chapter, case number, filing date, court, attorney/trustee information, and current status.
5. Save the record. Once a record is active, the In Bankruptcy badge appears on the obligor header so all users are immediately aware of the active bankruptcy.

The In Bankruptcy badge

When an obligor has an active bankruptcy record, an In Bankruptcy badge is displayed on the obligor header. This gives every user immediate, at-a-glance awareness of the bankruptcy status before taking any account action. See Obligors for where the badge appears on the header.

Joint filers: copy records between obligors

When co-borrowers file jointly, you no longer need to re-enter the same case details on each obligor. You can copy a bankruptcy record and paste it to the joint filer, keeping both obligors' records consistent. Review the pasted record and adjust any obligor-specific details before saving.

Per-debt reaffirmation tracking

Reaffirmation is now tracked per debt. For each obligation associated with the bankruptcy, you can record whether the debt has been reaffirmed, so reaffirmed and non-reaffirmed obligations are clearly distinguished on the record.

Suspend collections activity

1. While the bankruptcy is active, ensure no collection calls, letters, or payment demands are made — this is required under the Automatic Stay provision of bankruptcy law.
2. Update the Obligation Status to reflect the current bankruptcy stage (for example, flag the account as paused or restricted from collections activity). If you do not have permission to change the obligation status, create an escalation to your supervisor or the appropriate team.

Credit reporting

Important: Credit reporting now pulls bankruptcy information directly from the structured records on the Bankruptcy tab, not from the legacy custom data fields. Keep bankruptcy records accurate and current on the Bankruptcy tab so furnished credit data reflects the correct status. See Credit Reporting Workflow.

Log an activity note

1. Navigate to the Activities tab on the obligation.
2. Create a new note documenting who reported the bankruptcy, date received, relevant case details, and next steps or actions required.

Monitor and update as status changes

1. As the bankruptcy progresses (for example, discharge, dismissal, or plan completion), return to the Bankruptcy tab and update the record status accordingly.
2. Log each status change as a new activity to maintain a complete audit trail.

Next: Continue to Credit Reporting Workflow for credit dispute processing and bureau reporting.