Electronic Bankruptcy Notification
Electronic Bankruptcy Notification (EBN) is provided by the U.S. Bankruptcy Court system through its Bankruptcy Noticing Center. To deliver EBN to our clients CBS developed software and processes to enable our clients to receive information on bankruptcy cases more quickly than ever before: case information is transmitted daily to clients in a format that permits immediate coding of accounts.
With EBN our clients are advised daily of their new filings often ten days before paper notices would normally arrive. This eliminates further internal and external collection activities and their associated expenses. EBN also helps prevent potential stay violations and missed bar dates, resulting in lower costs and increased recovery. Dismissals and discharges are also reported electronically.
CBS offers clients the option of CBS processing the daily file and directly coding the appropriate accounts. We then immediately begin the Proof of Claim and other filing/recovery activities.
CBS can review the entire file of a client’s accounts and provide daily reports of those accounts involved in new bankruptcy filings, including account number. This allows for significant cost savings in that expensive collection efforts cease immediately and recovery efforts begin much earlier. Overall, the result is greater productivity, reduced expenses and a higher rate of recovery.
CBS also offers a one-time review of a portfolio, commonly referred to as a scrub. This is designed to identify both current and previous bankruptcy filings to avoid improper action by the creditor.