Most economic forecasts predict a large increase in delinquencies and consumer bankruptcies in the near future. The time to prepare is right now and you need to focus your attention on the areas that are either most likely to protect you from violations or increase your ability to minimize losses. A top to bottom inventory of your bankruptcy processes and procedures is in order. From charging off and walking away to filing a motion to object to discharge, make sure you have a good understanding of all of your available bankruptcy relief options. Additionally, work with frontline and lending staff on a bankruptcy training session which will highlight key bankruptcy concepts such as the requirements automatic stay and post discharge injunction. Finally, review your relationship with local bankruptcy counsel in order to create the most effective and cost-effective relationship.
Bankruptcy Tune Up: 5 Things the Debtor’s Attorney Doesn’t Want You to Do