SYSTEM AND METHOD FOR MANAGEMENT AND PROCESSING OF BANKRUPTCY CLAIMS AND PAYMENTS

• US 20090070245A1
• Filed: 09/07/2007
• Published: 03/12/2009
• Est. Priority Date: 09/07/2007
• Status: Active Grant

• Current Assignee: G2 Bankruptcy RISK Solutions Incorporated
• Original Assignee: Valley Of The Moon Royalties, Inc.
• Inventors: Donowho, Eric L., Petr, Elizabeth I., Brasiel, Robert W., Singh, Rajinder M.
• Granted Patent: US 7,856,385 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A system and method provides electronic management and processing of bankruptcy-related claims and payments. The method includes receiving loan servicer data from a loan servicer portfolio. The method also includes receiving trustee data from a repository of trustee information. The method includes comparing one or more data fields related to the claims from the service provider data to corresponding one or more data fields related to the claims from the trustee data and assigning a score to the comparison results for the data fields related to the claims based on one or more business rules. The method includes calculating the total score for the comparison results for the claims, designating the claim as being valid if the total score for the claim is greater or equal to a predetermined value, and designating the claim as being invalid if the total score for the claim is less than a predetermined value.

Claims

1. A method for electronic management and processing of bankruptcy-related claims and payments, comprising the steps of:

receiving loan servicer data from a loan servicer portfolio, the loan servicer data relating to one or more loans, including bankruptcy plan information, whose debtors are in bankruptcy and one or more claims filed by creditors against the debtors;

receiving trustee data from a repository of trustee information, the trustee data relating to the loans whose debtors are in bankruptcy and the claims filed by the creditors;

comparing one or more data fields related to the claims from the loan servicer data to

corresponding one or more data fields related to the claims from the trustee data;

assigning a score to the comparison results for the data fields related to the claims based on one or more business rules;

calculating the total score for the comparison results for the claims;

designating the claim as being valid if the total score for the claim is greater or equal to a predetermined value; and

designating the claim as being invalid if the total score for the claim is less than a predetermined value.

2. The method according to claim 1 further comparing the loan number for a selected claim from the loan servicer data to the corresponding loan number for the selected claim from the trustee data.

3. The method according to claim 1 further comprising comparing the debtor name for a selected claim from the loan servicer data to the corresponding debtor name for the selected claim from the trustee data.

4. The method according to claim 1 further comprising comparing the debtor social security number for a selected claim from the loan servicer data to the corresponding debtor social security number for the selected claim from the trustee data.

5. The method according to claim 1 further comprising comparing the claim amount for a selected claim from the loan servicer data to the corresponding claim amount for the selected claim from the trustee data.

6. The method according to claim 1 further comprising comparing the creditor name for a selected claim from the loan servicer data to the corresponding creditor name for the selected claim from the trustee data.

7. The method according to claim 1 further comprising comparing the bankruptcy number for a selected claim from the loan servicer data to the corresponding bankruptcy number for the selected claim from the trustee data.

8. The method according to claim 1 further comprising comparing the trustee name for a selected claim from the loan servicer data to the corresponding trustee name for the selected claim from the trustee data.

9. The method according to claim 1 wherein the loan servicer data includes data from a proof of claim (POC) filed by the creditors against the debtor.

10. The method according to claim 1, further comprising identifying one or more claims against a particular loan based on the results of the comparison.

11. The method according to claim 1 wherein the trustee data is received from a commercially available database, the commercially available database being a repository of trustee data.

12. The method according to claim 1 wherein the assigned score for the comparison varies depending on the data fields related to the claims.

13. The method according to claim 12 wherein the assigned score for the comparison is high if the data field is designated as having high importance.

14. The method according to claim 12 wherein the assigned score for the comparison is low if the data field is designated as having low importance.

15. The method according to claim 1 further comprising changing the assigned score for the comparison.

16. The method according to claim 1 further comprising:

storing the service provider data into a server; and

mapping the data into a predetermined format.

17. The method of claim 1 further comprising generating payment instructions for the valid claims.

18. The method of claim 1 further comprising:

generating payment instructions for the valid claims; and

providing the payment instructions to the loan servicer.

19. The method of claim 1 further comprising receiving trustee data related to amended claims, wherein the amended claims are filed by the creditors.

20. The method of claim 1 further comprising identifying one or more claims for exception review, wherein the claims selected for exception review achieves a low score but is a possible match.

27. The method of claim 1 further comprising generating payment instructions for the valid claims, the payment instructions including trustee disbursement information and instructions on how to apply funds to the creditor'"'"'s account.

21. A computer program product comprising a computer usable medium having computer readable code embodied in the medium, the computer readable program code comprising:

a first computer readable program code for receiving loan servicer data from a loan servicer portfolio, the loan servicer data relating to one or more loans whose debtors are in bankruptcy and one or more claims filed by creditors against the debtors;

a second computer readable program code for receiving trustee data from a repository of trustee information, the trustee data relating to the loans whose debtors are in bankruptcy and the claims filed by the creditors;

a third computer readable program code for comparing one or more data fields related to the claims from the loan servicer data to corresponding one or more data fields related to the claims from the trustee data;

a fourth computer readable program code for assigning a score to the comparison results for the data fields related to the claims based on one or more business rules and calculating the total score for the comparison results for the claims;

a fifth computer readable program code for designating the claim as being valid if the total score for the claim is greater or equal to a predetermined value, and designating the claim as being invalid if the total score for the claim is less than a predetermined value.

22. The computer program product of claim 21 further comprising a sixth computer readable program code for generating payment instructions for the valid claims.

23. The computer program product of claim 21 further comprising a seventh computer readable program code for generating payment instructions for the valid claims, the payment instructions including trustee disbursement information and instructions on how to apply funds to the creditor'"'"'s account.

24. The computer program product of claim 21 further comprising an eighth computer readable program code for receiving trustee data related to amended claims, wherein the amended claims are filed by the creditors.

25. The computer program product of claim 21 further comprising a ninth computer readable program code for identifying one or more claims for exception review, wherein the claims selected for exception review achieves low score but are a possible match.

26. A computer-implemented method for electronic management and processing of bankruptcy-related claims and payments, comprising the steps of:

receiving loan servicer data from a loan servicer portfolio, the loan servicer data relating to one or more loans whose debtors are in bankruptcy and one or more claims filed by creditors against the debtors;

receiving trustee data from a repository of trustee information, the trustee data relating to the loans whose debtors are in bankruptcy and the claims filed by the creditors;

comparing one or more data fields related to the claims from the loan servicer data to

corresponding one or more data fields related to the claims from the trustee data;

assigning a score to the comparison results for the data fields related to the claims based on one or more business rules;

calculating the total score for the comparison results for the claims;

designating the claim as being valid if the total score for the claim is greater or equal to a predetermined value;

designating the claim as being invalid if the total score for the claim is less than a predetermined value.