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Appendix B: Bankruptcy Options

Navigation:  Loans > Loan Screens > Bankruptcy and Foreclosure Screen Group > Bankruptcy Detail Screen >

Appendix B: Bankruptcy Options

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In order to use this new Bankruptcy Detail screen (instead of the original Bankruptcy screen), GOLDPoint Systems must set up institution option UNBK, as well as set up servers capable of producing bankruptcy forms and POC itemization. You must contact your GOLDPoint Systems client solutions specialist before using this screen.

 

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GOLDPoint Systems Only: Institution option UNBK must be set up. Additionally, an automatic initialization is required in order to use the new bankruptcy records (FPBA, FPBB, FPNP) instead of the old bankruptcy records (FPBK).

 

Also, a programmer needs to set up the institution to use two servers: GPS Forms Server and Bankruptcy Courts. This is done through the GOLDPoint Systems > Configuration Manager.

 

Additional options are available for bankruptcy according to whether or not your institution wants to use them. These options can control monetary transactions, statements, late charges, reserve disbursements, and credit reporting in CIM GOLD. Institution options can only be set by GOLDPoint Systems. To enable an option, please submit a work order.

 

Hold Code 4 (Chapter 7, 11, or 12) and 5 (Chapter 13). Stops late charge notices, still assesses (cannot override), stops auto payments. Sorts reserve analysis statements to the top. Institution Option BKPM allows the following transactions to be posted without an override: Payments (tran code 600/608), Partial Payments (tran code 510/518 to field 33), Spread Payments (690/698), Waive Late Charge (tran code 570/578), Pay Late Charge (tran code 550/558), Waive Misc Fee (tran code 670/678), Pay Loan Fee (tran code 850/858), VSI Add (tran code 870/878), VSI Cancel (tran code 890/898), Assess Miscellaneous Fees (tran code 660/668), and recurring payments.

 

APCO - Accept Payments on Charge-offs. If this option is used, payments will be accepted on charge-offs.

 

BKPM - Allow Payments on Hold Codes 4 and 5. If this option is used, some monetary transactions can be posted even though there is a Hold Code 4 (Chapter 7, 11, or 12 bankruptcy) or 5 (Chapter 13 bankruptcy) on the account.

 

BKLC - Keep Late Charges on Bankruptcy. If this option is used, unpaid late charges will not be deleted when the Bankruptcy transaction is processed.

 

KLLT - Keep Life of Loan Late Charges. If this option is used, the Lifetime Late Charges Collected will not be deleted when the Bankruptcy transaction is processed.

 

UCBB - Update Credit Bureau on Bankruptcy. If this option is used, the IRS Owner Consumer Information code (CIID) from the bankruptcy record will be sent in the Base Segment of the Metro 2 format. Note: This option should usually be marked. This reports that the account is included in a bankruptcy. This is not the person or company.

 

LTBK - Do Not Assess Late Charges on Chapter 13. If this option is used, late charges will not be assessed while the account is in Chapter 13 bankruptcy (Hold Code 5).

 

STBK - Stop All Billing Statements on Bankrupt Loans. If this option is used, billing statements will be stopped if the account has a Hold Code 4 (Chapter 7, 11, 12) or 5 (Chapter 13).

 

ARBK - Update recency for bankrupt accounts. When this option is set, the system will allow recency updating on accounts in bankruptcy (Hold Code 4 or 5). However, recency will not be updated if the account is charged off (Hold Code 2).

 

See also:

Bankruptcy Options screen

 


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