Loss Mitigation Specialist II - Bankruptcy

USALLIANCE Financial•Chelmsford, MA

1d•Hybrid

About The Position

Responsible for managing bankruptcy-related loss mitigation activities and supporting members experiencing financial hardship throughout the bankruptcy lifecycle. This role serves as the primary point of contact for members and their legal counsel, ensuring timely, accurate handling of all bankruptcy filings, documentation, and communications in compliance with applicable laws and regulatory requirements. The Loss Mitigation Specialist II – Bankruptcy evaluates member circumstances, supports litigation and recovery efforts, and partners with internal and external stakeholders to resolve accounts in the best interest of the Credit Union while maintaining a high standard of member service.

Requirements

High school diploma or equivalent required.
Minimum 2–4 years of direct experience managing bankruptcy accounts within a financial services environment (credit union/banking preferred); additional experience in collections, loss mitigation, foreclosure, or recoveries strongly preferred.
Strong expertise in bankruptcy processes, court procedures, and litigation-related workflows required, including hands-on experience managing case activity, deadlines, and required filings.
Demonstrated working knowledge of bankruptcy documentation and requirements, including Proofs of Claim, reaffirmation agreements, trustee interactions, and court communications.
Proficiency with bankruptcy systems and tools (e.g., PACER, Banko) required to monitor case activity, access court records, and manage account-level bankruptcy tracking.
Working knowledge of loss mitigation options, servicing practices, and regulatory/compliance requirements, with the ability to apply them effectively within a bankruptcy context.
Strong analytical skills with the ability to review member financials, assess hardship, and determine appropriate actions in accordance with bankruptcy rulings and internal guidelines.
Excellent verbal and written communication skills, with the ability to interact professionally and confidently with members, attorneys, trustees, and internal partners while clearly explaining complex legal and procedural requirements.
Strong attention to detail and documentation skills; ability to maintain accurate, complete, and compliant records of all bankruptcy-related activity, decisions, and communications.
Proficiency with Microsoft Office (Excel, Word, Outlook) and ability to effectively use servicing/collection systems, legal tracking tools, and document management platforms.
Ability to manage a pipeline of bankruptcy accounts, prioritize court-driven deadlines, and operate effectively in a fast-paced, highly regulated environment with minimal supervision.
Demonstrated professionalism, discretion, and ability to handle highly sensitive legal and financial information appropriately.

Responsibilities

Serve as the primary point of contact for bankruptcy accounts, communicating with members, bankruptcy counsel, trustees, and other parties to ensure compliance with bankruptcy requirements and timelines.
Manage all aspects of bankruptcy case activity (Chapters 7, 11, and 13), including monitoring case status, key deadlines, and required actions.
Prepare, review, and file bankruptcy-related documentation, including Proofs of Claim, reaffirmation agreements, and other court filings; maintain complete and accurate supporting records.
Respond to inquiries from attorneys, trustees, and courts in a timely and professional manner; ensure all communications are clearly documented.
Coordinate with internal teams and external legal partners to support litigation strategy, collateral recovery actions, and post-petition account handling.
Ensure proper application of payments, charge-offs, and account adjustments in accordance with bankruptcy rulings and internal policies.
Identify and escalate risks, exceptions, or complex bankruptcy scenarios to management, providing clear summaries and recommended actions.
Maintain accurate and detailed system notes documenting all bankruptcy activity, decisions, and communications in accordance with regulatory and internal requirements.
Support recovery efforts by tracking discharged debt, reaffirmed obligations, and potential recovery opportunities.
Partner with the Loss Mitigation and Recoveries Manager and cross-functional teams to develop strategies that minimize losses and ensure compliant handling of bankruptcy accounts.
Serve as a subject matter resource for bankruptcy-related questions, assisting with internal training and process improvements.
Provide secondary support for general loss mitigation activities (e.g., hardship evaluations, loan modifications, foreclosure processes) as needed to maintain team coverage and workflow balance.
Handle escalated accounts and sensitive member situations with professionalism, discretion, and empathy.
Maintain up-to-date knowledge of bankruptcy laws, regulations, and servicing practices to ensure ongoing compliance.