One borrower files bankruptcy Chapter 7 or 11; at a later time, second borrower also files Chapter 7 or 11

Bankruptcy

One borrower files bankruptcy Chapter 7 or 11; at a later time, second borrower also files Chapter 7 or 11

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 account files bankruptcy Chapter 7 or 11; others do not.	Set chapter 'Chapter 7' or 'Chapter 11' and stage 'Petitioned' for Client 1.	LP will report A or B for Client 1. If DOFD if (blank) or (NULL), will set to filing date. If DOFD is not (blank) or (NULL), will use existing. Will freeze DOFD, report other account values as normal.
At a later time, Client 2 on account also files bankruptcy Chapter 7 or 11; still others do not.	Set chapter 'Chapter 7' or 'Chapter 11' and stage 'Petitioned' for Client 2.	LP will report A or B for Client 2, then continue reporting the account as normal.
Eventually, all clients on the account file bankruptcy Chapter 7 or 11.	Set chapter 'Chapter 7' or 'Chapter 11' and stage 'Petitioned' for clients as they file.	LP will report A or B for each bankruptcy as it is filed. Once all clients on account are in CH7 or CH11, LP will freeze values for Account Status and Amount Past Due and begin reporting PHP as D.
One client has bankruptcy discharged; other do not.	Set stage 'Discharged' for affected client.	LP will report E or F for that client. LP will report Amount Past Due as 0 on affected account(s) only if all clients on the account(s) are discharged. After reporting E or F, LP will cease reporting that client on affected account(s) in future months.
All clients have bankruptcy discharged.	Set stage 'Discharged' for all clients.	LP will report each client as they are discharged (E or F) and Amount Past Due as 0 only if all clients on the account(s) are discharged. Once last client on account is discharged and reported, LP will cease reporting that account. Values will remain frozen.
After all clients on account have filed bankruptcy, any client on account has bankruptcy dismissed or withdrawn.	Set stage 'Dismissed' or 'Withdrawn' for affected client.	LP will report dismissal (I or J) or withdrawal (M or N), then unfreeze Account Status, Amount Past Due and cease reporting PHP as D.