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Bankruptcy Search and Bankruptcy Monitoring for Auto Lenders


When a borrower files for bankruptcy, lenders suddenly find themselves competing with other creditors trying to recover any portion of the borrower’s limited funds. In most cases, the lender is left wondering if, and when, they’ll ever recover their debt, and if so, how much can they possibly get back?

For the last 40 years, lenders have stayed away from the idea of pursuing their debt on a loan when it’s gone into bankruptcy status because of the tiresome and risky hours spent trying to navigate the bankruptcy court. All of this can be done for a portion of a debt they may never see.

In most cases, if you’re a lender, chances are you don’t have the knowledgeable personnel on your team to handle a bankruptcy case. To acquire this kind of expertise, it can take years of training to understand the main components of bankruptcy law.

As a lender, you can hire a law firm to handle your case, but this can cost thousands of dollars and after time spent attempting to recover your debt, there may or may not be a payout. Overall, when a borrower goes bankrupt, the lender is left in a risky situation.

Until now.

With Verifacto’s proprietary bankruptcy search application and easy POC (Proof of Claim) system, lenders can file a claim in bankruptcy cases to get their debt paid without having to deal with the expensive legal department or hours of wasted processing time.

POC Filing Technology

Verifacto’s Easy POC System works by giving the lender a user-friendly platform that handles all of their bankruptcy inquiries without the need of a professional:

  • The POC system contacts the bankruptcy court and gathers all necessary information upon the lender’s request.
  • All required data is prepared and the POC is generated for the lender to verify its accuracy.
  • The system files the POC with the bankruptcy court for the lender and then provides the successful filing receipt straight to the lender.

The typical filing process without Verifacto’s system can take hours per each POC and can cost over $1,000 leaving the lender with a lot of manual labor and high expenses. Not to mention the uncertainty if they’ll ever reclaim their debt. Once lenders implement Verifacto’s bankruptcy POC system, POC preparations reduce dramatically while providing the lender with full backup support.

Bankruptcy Search Tool

While getting your debt back is important, as a lender, you also want to be prepared for any unexpected bankruptcy with your customers.

Verifacto’s bankruptcy search application allows lenders to pull real-time data from bankruptcy courts to immediately discover if a potential or current customer has filed for bankruptcy, how many times they’ve filed, and a prediction of the likelihood that they’ll file in the future. This gives the lender full control and the ability to view all essential data to help make better business decisions.

All bankruptcy court records are conveniently viewed from the lender’s screen for any bankruptcy district across the country, giving lenders ultimate access to better protect their business.

Contact Verifacto to Help Reclaim Your Debt

 At Verifacto, our bankruptcy search application and easy POC filing system have saved lenders up to 95% on manual labor costs and up to 600% on legal fees. You don’t have to be a bankruptcy expert to use our system. Our simple yet powerful technology helps you save thousands of dollars regularly while keeping you informed on your customer’s bankruptcy status.

To learn more about our bankruptcy search application and the overall risk management platform, contact us today so you can join the lenders that are saving thousands of dollars while keeping their businesses protected!


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