Bankruptcy setup
Bankruptcy Setup stores various default values that Infor Public Sector uses for bankruptcy processing. When a customer files for bankruptcy, you can use the Record Bankruptcy link on the Maintenance tab of the Manage Account Page to record it. When a bankruptcy is recorded, Infor Public Sector automatically performs actions such as adding an alert to the account and resolving any existing delinquencies, using the values you specify in Bankruptcy Setup. You can also specify values that Infor Public Sector will use for further bankruptcy processing, such as when debts are discharged or when a bankruptcy is resolved.
The options in Bankruptcy Setup are divided into four sections, corresponding to different stages in the bankruptcy process:
- Under , you can define the actions Infor Public Sector will take when a bankruptcy is first recorded. The Bankruptcy Alert field specifies the type of alert Infor Public Sector will add to the account; the Delinquency Resolution field specifies the resolution code for any existing delinquencies on the account; and the Delinquency Alert Resolution field specifies the resolution for any alerts that have been added to the account in the delinquency process.
- Under , you can define the actions Infor Public Sector will take when debts in bankruptcy are discharged. The Discharge Adjustment Type field specifies the type of adjustment transaction Infor Public Sector will create to write off discharged amounts; the Discharge Adjustment Reason field specifies the reason code to use for the adjustments; the Bankruptcy Resolution field specifies the code Infor Public Sector will use to resolve the bankruptcy; and the Bankruptcy Alert Resolution field specifies the resolution code for the alert that was added to the account when it entered bankruptcy.
- Under , in the Bankruptcy Alert Resolution field, you can specify the resolution code will be used for any bankruptcy alerts when a bankruptcy is resolved manually.
- Under , you can define the actions will take when a debt in bankruptcy is paid off. The Bankruptcy Resolution field specifies the code Infor Public Sector will use to resolve the bankruptcy, and the Bankruptcy Alert Resolution field specifies the resolution code for the bankruptcy alert.