Bankruptcy
Introduction
LoanPro has some native functionality to help you track bankruptcies on a loan. This is designed to help you track bankruptcies from the time you are first notified until they are dismissed or discharged.
Tracking a Bankruptcy
To track a bankruptcy, navigate to Servicing > Bankruptcy inside a loan. To add new bankruptcy information, click 'Add New'.

On this page, as shown above, you can alter bankruptcy information for the loan. Here are descriptions of each option:
Field | Description |
Status | This can be either Active or Inactive. LoanPro will let you track an unlimited number of bankruptcies, so you can keep information about both inactive and active bankruptcies. |
Who's Filing | This is a drop-down that will show both borrower and co-borrower. Either can declare bankruptcy, but the consequences to the loan may be different depending on who declares. |
Filing Date | This is the date when bankruptcy was filed. |
Objection Deadline Date | This is the deadline for you to object to the bankruptcy. An objection is an official filing that must be done through the court listed on the bankruptcy. |
Bankruptcy Chapter | This is the bankruptcy chapter. The options include:
|
Bankruptcy Petition Status | This is a drop-down that will let you track the bankruptcy through the different stages. The options include:
|
Case Number | The case number for the bankruptcy that is assigned by the court. |
Petition Type | Petitions can be filed either by an individual (Single) or by an individual and spouse (Joint). |
Bankruptcy Process Status | This is the status of the bankruptcy. The options are:
|
Objection Status | This is the status of any objection filed to the bankruptcy. The options are:
|
Automatic Stay Status | This is the status of the automatic stay of repossession that is imposed when bankruptcy is filed. |
Proof of Claim Filed Status | This field helps you track whether you have proof that a claim has been filed, or that proof is still pending. Proof must be provided for official notification of bankruptcy to be considered received. |
Liened Property Status | This is the status of property that may be included in a bankruptcy, which has liens against it. |
Bankruptcy Notice Received Date | This is the date on which notice of bankruptcy was received. |
Proof of Claim Deadline Date | This is the deadline by which you must file proof of your claim of the borrower's debt. |
Proof of Claim Filed Date | This is the date on which proof of your claim of the borrower's debt was filed with the court. |
Bankruptcy District | This is the judicial district in which the bankruptcy was filed. |
City | This is the city where the court in which the bankruptcy was filed. |
State | This is the state where the court in which the bankruptcy was filed. |
Closed Reason | This field lets you enter a note about the closing of a bankruptcy on a loan. |
341 - Meeting of Creditors Date | This is the date on which you can meet with the trustee of the bankruptcy. This hearing is required by law, but creditors are not required to attend. |
Dismissed Day | If the bankruptcy is dismissed, this is the day on which it was dismissed. |
When Each Field Should Be Filled Out
Here are some references to help you know which fields should be filled out and when.
Notification of Bankruptcy Received:
- Status
- Who's Filing
- Filing Date
Proof of Bankruptcy Received:
- Objection Date Deadline
- Bankruptcy Chapter
- Bankruptcy Petition Status
- Case Number
- Petition Type
- Bankruptcy Process Status
- Objection Status
- Automatic Stay Status
- Proof of Claim Filed Status
- Bankruptcy Notice Received Date
- Proof of Claim Deadline Date
- Bankruptcy District
- City
- State
- 341 - Meeting of Creditors Date
Proof Of Claim Filed:
- Proof of Claim Filed Date
Objection Filed:
- Objection Status
Bankruptcy Dismissed:
- Dismissed Day
- Closed Day
- Bankruptcy Process Status
- Status
- Bankruptcy Petition Status
Bankruptcy Discharged:
- Closed Day
- Bankruptcy Process Status
- Status
- Bankruptcy Petition Status