Author Topic: A late note shows "Borrower provided Bankruptcy counsel information"  (Read 4018 times)

yaoyao

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I have a late note showing "Borrower provided Bankruptcy counsel information".  What does that exactly mean?  How like will it recover?  The borrower has 730 credit score one month ago.

Thanks

AmCap

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Re: A late note shows "Borrower provided Bankruptcy counsel information"
« Reply #1 on: December 27, 2012, 06:37:41 PM »
The borrower lawyered up - can't be good.

DanB

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Re: A late note shows "Borrower provided Bankruptcy counsel information"
« Reply #2 on: December 27, 2012, 06:40:02 PM »
I'd say there's a 95%+ chance that this will get charged off.

SBryantMS

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Re: A late note shows "Borrower provided Bankruptcy counsel information"
« Reply #3 on: December 27, 2012, 08:01:25 PM »
IMO -- what LC is saying is they are following the bankruptcy law referring to an automatic stay:

http://www.bankruptcylawnetwork.com/after-you-file-bankruptcy-what-happens-if-a-creditor-contacts-you/

As soon as a case is filed, there is an automatic stay that protects you from your creditors, and they canít continue to try to collect their debts from you unless they follow the laws carefully.

Info on automatic stay here:

http://www.scbankruptcyattorney.com/blog/what-is-the-automatic-stay/2009/09

yojoakak

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Re: A late note shows "Borrower provided Bankruptcy counsel information"
« Reply #4 on: December 28, 2012, 02:26:56 AM »
I have a late note showing "Borrower provided Bankruptcy counsel information".  What does that exactly mean?  How like will it recover?  The borrower has 730 credit score one month ago.

Thanks

I believe this actually means Credit Counseling not necessarily Lawyer.

And since it only shows up in the Collection Log it's easy to miss.

Anecdotally I would not say it is the End of the World.