Creating Pay Plans

Use this procedure to initiate payment plans from the bankruptcy.

You can only create pay plans if the bankruptcy's current status supports it and there are no existing pay plans for the bankruptcy. If the action is not supported or pay plans already exist for the bankruptcy, the Create Pay Plan button will not be displayed.

• Navigate to the Bankruptcy portal and display the bankruptcy you want to create pay plans for.

• Click the Create Pay Plan button in the Record Actions.

  • If any of the obligations covered by the bankruptcy are included in a pay plan that existed before the bankruptcy, a warning message will appear, indicating that pre-existing pay plans will be canceled/stopped. Click OK on the warning message popup to confirm the action.

  • If all obligations covered by the bankruptcy are for the same account, a pay plan is automatically created in background, using the pay plan obligation type specified on the bankruptcy type.

  • If all obligations covered by the bankruptcy are for multiple accounts, specify the following additional inputs:

    • Choose to create a single pay plan for the whole bankruptcy or to create a single pay plan for each unique account.

    • If you opt to create one pay plan for the whole bankruptcy, designate the account that will be the primary account on the pay plan obligation. All bankruptcy-covered obligations are copied into the pay plan's covered obligations list.

    • If you opt to create one pay plan per account, the bankruptcy-covered obligations for the specific account are copied into each pay plan.

• Click on the pay plan information in the Pay Plans Zone to navigate to the Pay Plan maintenance page.

• Complete the pay plan setup by specifying a payment schedule either via the Recommend button or by manual entry. Activate the pay plan when setup is complete.