Bankruptcies

Overview

The Furnishment API allows you to report your consumers' bankruptcies in a first class way. Consumers that undergo
a bankruptcy require special tracking when reporting their data for credit purposes. As an organization, you can use
Bloom Credit's API to track the states of your consumers bankruptcies over time, and Bloom Credit will handle the
accurate reporting of the consumers' data.

Endpoints / Models

The Furnishment API supports the following chapter types of bankruptcies:

• Chapter 7: Liquidation Under the Bankruptcy Code
• Chapter 11: Reorganization Under the Bankruptcy Code
• Chapter 12: Family Farmer Bankruptcy or Family Fisherman Bankruptcy
• Chapter 13: Individual Debt Adjustment

Each Bankruptcy will be tracked on a per-consumer level and reported to the bureaus for all accounts of that consumer.
Every Bankruptcy retains a state that is tracked based on where the consumer is in the bankruptcy filings,
we currently support the following states for bankruptcies:

• FILED
• WITHDRAWN
• DISCHARGED
• CONFIRMED
• REAFFIRMED
• RESCINDED

Typically, all Bankruptcies are identified by their case_id, however the Furnishment API will provide a globally unique id for each
bankruptcy filed. When interacting with the API to get or update Bankruptcy data, please use the globally unique id
provided from the File Bankruptcy endpoint and not the case_id.

Rules

There are some rules that all bankruptcies must follow when being filed via the API:

1. A consumer may have more than one active / filed bankruptcy at a time.
   1. Some bureaus will not track more than one bankruptcy at a time, so Bloom Credit will use the most recent bankruptcy when reporting data to them.
2. Whenever a new Bankruptcy is created via the API, it will always start in the FILED state, from there it can be transitioned
   to another state (provided that transition is valid).
3. Any Bankruptcy that is transitioned to a terminal / final state cannot be transitioned to a different state from that point onwards

Usage

Create (aka. File) a Bankruptcy using the File Bankruptcy endpoint by posting an event with the relevant details:

{
    "data": {
        "type": "BankruptcyFiledEvent",
        "attributes": {
            "case_id": "12345",
            "chapter": "CHAPTER_7",
            "note": "Consumer filed their first bankruptcy"
        }
    }
}

Discharge a bankruptcy using the Dischange Bankruptcy endpoint by posting an event with the relevant details:

{
   "data": {
      "type": "BankruptcyDischargedEvent",
      "attributes": {
         "accounts_excluded": ["123", "ABC"],
         "note": "Discharged by court judgement"
      }
   }
}

NOTE: When listing any accounts_included or accounts_excluded in the Bankruptcy API, please use the external_account_identifier you designed when creating the account.