One borrower files bankruptcy Chapter 12 or 13; at a later time second borrower also files Chapter 12 or 13

Bankruptcy

One borrower files bankruptcy Chapter 12 or 13; at a later time second borrower also files Chapter 12 or 13

Credit Bureau Extract Metro 2 Format users.

The following table describes events, user processes, and LeasePak reporting specific to this bankruptcy scenario. Refer to the Bankruptcy overview for instructions on managing accounts and clients in bankruptcy.

Event	LeasePak User Process	Result
Client 1 on the account files bankruptcy Chapter 12 or 13; others do not.	Set chapter 'Chapter 12' or 'Chapter 13' and stage 'Petitioned' for Client 1.	LP will report CII as C or D for Client 1, then freeze values for Account Status and Amount Past Due, set DOFD to filing date (if (blank) or (NULL)) and freeze, and begin reporting PHP as D. For other clients on account who are not in bankruptcy (CII not A, B, C, D, or 1A), LP will report those clients as terminated from the account with ECOA set to T. CII values of R, T, U, V, and Z are not supported.
At a later time, Client 2 on the account also files bankruptcy Chapter 12 or 13; still others do not.	Set chapter 'Chapter 12' or 'Chapter 13' and stage 'Petitioned' for Client 2.	LP will report CII as C or D for Client 2, then restore Client 2 to account with ECOA set to 1, 2, 5, or W.
Any client has their plan confirmed.	Select/check "Plan confirmed".	LP will report Amount Past Due as 0. Frozen values will remain frozen. If the User has adjusted any values to conform to the plan, only those values other than Amount Past Due or those frozen will be reported as adjusted.
Client 1 has bankruptcy discharged, but not Client 2.	Set stage 'Discharged' for Client 1.	LP will report G or H and Amount Past Due as 0 for Client 1, then cease reporting Client 1 on affected account(s). Values will remain frozen.
At a later time, Client 2 also has bankruptcy discharged.	Set stage 'Discharged' for Client 2.	LP will report G or H and Amount Past Due as 0 for Client 2, then cease reporting Client 2 on affected account(s). Once both Client 1 and Client 2 are discharged, LP will, for the current reporting month, restore non-bankruptcy clients to account with ECOA set to 1, 2, 5, or W. For the next reporting month, LP will cease reporting PHP as D. Values will remain frozen.
Client 1 has bankruptcy dismissed or withdrawn; Client 2 does not.	Set stage 'Dismissed' or 'Withdrawn' for Client 1.	LP will report dismissal (K or L) or withdrawal (O or P) for Client 1, then report that client as terminated from the account with ECOA set to T.
At a later time, Client 2 also has bankruptcy dismissed or withdrawn.	Set stage 'Dismissed' or 'Withdrawn' for Client 2.	LP will report dismissal (K or L) or withdrawal (O or P) for Client 2. LP will restore non-bankruptcy clients (including Client 1) to account with ECOA set to 1, 2, 5, or W, then LP will unfreeze Account Status, Amount Past Due, and DOFD and cease reporting PHP as D.