Bankruptcy Monitoring

The Quandis Bankruptcy Connect (QBC) is a comprehensive bankruptcy monitoring solution which allows you to automatically identify and discover changes in bankruptcy information. Quandis sources data from PACER to provide our clients with the most accurate, up-to-date bankruptcy information. QBC is built on Quandis technology which allows for superior connectivity, scalability, security and flexibility.

Features include:

Debtor monitoring: given a name and SSN, monitor to see if they’ve declared bankruptcy
Case monitoring: given an existing bankruptcy case, monitor for status changes and key events
Docket normalization: convert raw docket text to a standard template, enabling you to trigger events in your internal systems
Document retrieval: upon first accessing a Pacer document, image it in QBC, so subsequent retrievals are free. Optionally OCR the document upon retrieval.
Debtor name parsing: ensure Jane Doe-Smith f/k/a Janine Smithson is property searched.
SSN gap coverage: ensure you don’t miss a BK hit because of an improper SSN match.
Case management system integration: receive updates via API into your case management system (CMS)

QBC has some some unique advantages over the competitors. Because QBC queries both a data warehouse of Pacer data and can perform real-time screen scraping of Pacer, QBC has the capacity to:

Provide an audit trail of Pacer data with Pacer screenshots
Access and store Pacer documents associated with dockets, minimizing costs
Normalize and clean debtors to using our Name Parsing technology
Search for a SSN directly against Pacer, ensuing coverage of the SSN gap

	Banko	Epiq	QBC
Debtor Monitoring	X	X	X
Case Monitoring	X	X	X
Docket Monitoring	X	X	X
Pacer Documents			X
Pacer Screenshots			X
Realtime Pacer Search			X
Debtor Name Parsing / Normalization			X
Custom File Layouts and Formats			X
CMS Integration			X
SSN Gap Coverage			X

How Clients Are Using QBC

Whether you’re a law firm managing bankruptcy or a financial services firm performing acquisitions, QBC can provide a solution to fit your specific needs. Here are some common use cases and how QBC provided a solution.

Debtor Monitoring

Use Case: Debtor Monitoring

A financial services company uses QBC to monitor their portfolio of debtors. QBC will notify the company when a debtor declares bankruptcy, and once in bankruptcy, will monitor the status of the case. Upon starting with QBC, they provide a spreadsheet of debtors to monitor, and periodically update that list with additions or subtractions. They only pay when a bankruptcy is found.

Case Monitoring

Use Case: Bankruptcy Case Monitoring

The default department of a financial services company uses QBC to monitoring active bankruptcies. QBC will notify the company when a case changes status, and when key milestones are reached. This data feed serves as a backup to the attorney firms they outsource to, ensuring that resolved cases don’t slip through the cracks.

Attorney Pacer Replacement

Use Case: Attorney Pacer Replacement

A medium sized law firm with a dedicated bankruptcy department finds their staff logging into Pacer day in and day out, incurring extra charges every time a screen is refreshed. They provide a data feed of bankruptcy cases to monitor to QBC, and QBC updates their case management system with:

Updated bankruptcy information daily
Dockets every time they are filed
Mapping of dockets to their case management system steps, avoiding duplicate entries,
Links to Pacer documents in QBC’s document imaging system
Pacer screen shots to back up the data feed, ensuing a comprehensive audit trail

NPL Acquisition

Use Case: Secondary Market NPL Acquisition

A financial services firm purchases non-performing loan portfolios. In addition to the QBC bankruptcy scrub, they have QBC automatically perform a direct Pacer search to ensure they are not burned by the “SSN gap“.

Monitoring and Scrub Solutions

QBC monitoring leverages Quandis technology with the most up-to-date bankruptcy database.

Monitoring

QBC standard products allow automated monitoring of:

Debtors – Manage your portfolio of contacts and we’ll notify you of any bankruptcy declarations
Cases – Monitor known bankruptcies and receive notification of any disposition changes
Dockets – We normalize and template all dockets and can notify you when they are filed

Scrub

Along with monitoring, QBC can also scrub data for one-time processing:

Debtor Search – Search debtors to identify bankruptcies
Case Search – Refresh data points for existing bankruptcies
Docket Search – Pull dockets under a bankruptcy

Feature Spotlight: SSN Gap

Bankruptcy monitoring providers download all new Pacer data each night, and load the data into a data warehouse. Pacer does not provide SSN data in this download – for obvious reasons. This means all BK monitoring providers (including QBC) must attempt to backfill (“guess”) a SSN based on various debtor criteria matches against other data sources. We’re all very good at this, but none of us are perfect.

If your business use case cannot tolerate a 2% error rate on bankruptcy hits, consider leveraging QBC’s direct Pacer search. In this case, QBC will do two things:

Scrub the data warehouse for matching debtor records tied to BKs (with a 2% error rate), and
Any “not found” debtors will be searched against Pacer directly using a SSN you provide – closing the SSN gap.

If you are a major bank or credit card company monitoring a performing portfolio, it is generally not worth paying the Pacer charges associated with the SSN gap. However, if you have use cases where a missed hit can be expensive – such as before a foreclosure, automobile repossession, or portfolio sale – avoid this gap with QBC. As with all Pacer interaction, QBC can provide Pacer screen shots as an audit trail of the searches performed.

Flexiblity

Our technology is flexible and configurable to ensure our products plug into your infrastructure with no compromises. We offer the ability to configure and customize:

QBC offers a variety of packaged layouts ranging from a simple bankruptcy flag to full data-point layout. We can customize data points for any given layout.

Flag

Bankruptcy Flag / Indicator Format

This is the simplest of formats with a True/False indicator if a subject has an active bankruptcy.

Basic

Our Basic Format includes key bankruptcy data points:

File Date
Case Number
Chapter
Court / District Name

State Of Filing
Status / Disposition
Confidence

This format is used when the basic attributes of a bankruptcy are required.

Full

The Full format is our most comprehensive data-set.

It includes all Basic data points plus:

Debtor Information
Attorney Information
Trustee Information
Court / Judge Information
Business Names / Aliases
Includes Events: 341, Discharge Complaint Bar Date, POC Bar Date

Dockets

QBC Dockets normalize Pacer dockets and return the following discrete data points:

Date Of Event
Event Template
Category
Description
Docket Text
Document Link (when applicable)

Data Exchange

Whether data exchange is a more traditional text file drop or a near real-time requires API connectivity, QBC offers a variety of order channels to meet the specific use case.

File Exchange

QBC supports connectivity with the following technologies to exchange file based data:

sFTP
AWS s3
Azure File Storage
Box.com
QBO Documents

File based formats include text and MS Excel. Our import capacity is extensible so we can consume custom formats.

API

Our standard APIs support both REST and SOAP and are intuitive and easy to implement. Xml and JSON formats are supported. QBC can also deliver to custom APIs and supports a variety of authentication methods including SSO.

Notification

For Notifications, we support the following technologies:

Email
SMS
Web Hooks

Message Queuing

QBC also supports message queue channels to exchange data. We support major queuing platforms including AWS SQS, Azure ServiceBus, and RabbitMQ.

Frequently Asked Questions

Am I charged for no hits?

No. For Debtor Monitoring you are only charged for the debtors that return a hit. For example, if you submit 10,000 subjects and there is a 3% hit rate, you will be charged for 300 billable events.

We don’t have a lot of volume. Should we still consider QBC?

Yes! Quandis offers minimal pricing tiers to allow smaller organizations to leverage QBC. As your business grows your volume will grow.