Bankruptcy Services

Overextending is one thing; being completely out of financial control is another. Your clients are the people who realize that they can’t manage the debt they’ve accumulated, and they may be so overwhelmed they can’t manage the bankruptcy process either. You assist them in developing a clear picture of their financial situation, fi ling for bankruptcy, and planning for the consequences. In today’s world of easy credit, many people find themselves in bankruptcy without quite realizing what hit them. They’re distressed, humiliated, and probably very confused as well. Your assistance with the painful process of sorting out the facts from the feelings is a very signifi cant benefit.


Costs can be low (under $3,000), depending largely upon how extensive you choose to make your Web site. If you do it yourself and keep it simple, you can stay closer to a $1,000 startup. But if you choose a more interactive experience for your customers, complete with online evaluation of their situation, you could be looking at a much higher start-up cost of $10,000 or more.


You are meeting your clients at a real low point in their lives, but you are the first step on their way back up. So the emotional temperature of your workday is going to be ?uctuating wildly. Keeping a good psychological balance will be as important as getting the paperwork filled out correctly. Some of your clients will just have been irresponsible, but others will have been dealt an impossible hand by fate. Historically, the bankruptcy process has been designed to help these people by wiping the slate more or less clean. People facing bankruptcy are not generally easy to work with, so your skill in dealing with the human side of your business—which may include some raw emotions—will be essential.


Approx. cost of start-up: $1,000 to $10,000


Approx. potential earnings:$25,000 to $40,000


Typical fees: $350 per client; sometimes an additional percentage (5 to 10 percent) from the creditors


Where to promote: Local newspaper ads, seminars, public service speaking engagements, a Web site that offers alternatives to bankruptcy filing and/or credit-restoration tips


Qualifications: Financial planning expertise, good people skills Things needed:Office furniture suitable for client conferences, business


cards, computer with high-speed Internet access,


letterhead, envelopes, marketing materials


Required staff:No


Hidden costs: Errors and omissions insurance