In recent years, some industry experts believe that filings have finally plateaued and may begin to rebound. Despite this optimism, attorneys have resorted to other methods of generating revenue for their practice. Best Case by Stretto users can take advantage of features within the software to provide additional billable services and data products.
Here are some suggestions on how you can create additional revenue opportunities to improve your bottom line.
722 Redemption Funding
Section 722 of the Code permits debtors to redeem tangible personal property intended primarily for personal, family or household use from a lien by paying the holder of such lien the amount of the allowed secured claim. This is almost exclusively used for automobiles. Best Case has partnered with 722 Redemption to automate referrals and simplify the process. Through the program, clients can keep their vehicle and pay a lower payment and principle or replace it with new or low-mileage late-model vehicle.
The revenue opportunity is paid as an attorney fee to file and prosecute the motion. The fee ranges from $300-$700 per motion and is paid through the new auto financing. 722 Redemption does the heavy lifting, contacting the debtor, providing the valuation and providing the motion/order. 722 Redemption pays your fee upon completion of the redemption.
Learn more about 722 Redemption
Data Products and Services
There are multiple ways to generate additional revenue using data products and services that can be ordered via Best Case. Here’s a breakdown of the available products and services that can be ordered via CaseAssist and used to generate additional revenue.
- Credit and Financial Reports
Once the credit report is available, the debtor should be required to review and provide in writing any creditors not reported. If a missing creditor is discovered post-filing, the debtor is responsible and should pay both the filing fee and the fee to amend schedules.
- Tax Transcripts and Real Estate Valuations
Tax transcripts cost $13-$19, depending on number of years ordered. Real estate valuations come in the form of an Automated Real Property Valuation that costs $17 and a Broker Price Opinion which costs $75. The revenue opportunity comes in the upsell of these products since the attorney can charge what they feel is appropriate.
- Debtor Education Courses
Occasionally you’ll run into clients who fail to complete their debtor education course on time. When using the Bankruptcy Course Manager for debtor education courses, emails and texts are automatically sent to your client to complete their course on time, and a full audit trail of when these reminders were sent is available. If the case closes without discharge and the client argues that either they were never advised to complete the debtor education or that there was never a deadline given, you hand them the audit trail of 16 emails and 16 texts which advised them to complete the course. The argument is over and they should pay both the attorney fees and the filing fee for motions to reopen (I charged $300 for the motion plus the filing fee) rather than you succumbing and only charging the filing fee.
Student Loan Analyzer
The Student Loan Analyzer tool in Best Case allows you to:
- Review a current case to determine if an adversary to discharge student loan debt may be appropriate.
- Search your prior case files to determine if cases should be reopened to prosecute an adversary to discharge student loan debt.
The revenue opportunities allow you to:
- Charge for the detailed review. The tool provides a very nice report and referral to free counseling for non-dischargeable student loans.
- Charge for the litigation, either on a straight payment plan or on a reverse contingency plan, as many cases are settled for a reduction in the debt.
- Refer your cases to a student loan litigation firm and obtain a referral fee.
Save time and money on your post-petition bankruptcy noticing with Mail It. Mail It connects with CertificateofService.com, a trusted partner of Best Case. They generate and serve all of your multi-party/all-creditor notices which can be submitted directly through Best Case using the Doc Service button from the toolbar.
The revenue opportunity can be found in the cost savings. A cost reduction will occur since you no longer spend time processing the notices. Plus you’ll cut the cost of materials (Ex: toner, paper, envelopes, postage, etc.). Many jurisdictions also allow for the recovery of expenses by motion.
Learn more about Mail It
Tax Discharge Determinator
Identify if tax debts are dischargeable in minutes with Tax Discharge Determinator, a partner of Best Case. This software tool is designed specifically to analyze complicated tax dischargeability questions, year by year, involving the amount and timing of the discharge of tax liabilities.
The revenue opportunity comes in the upsell of the product. A single year analysis will cost you as little as $30. A client with multiple years of large, complicated tax debts should be able to pay several $1000s in legal fees.
Learn more about Tax Discharge Determinator
If you’re a bankruptcy attorney that’s in need of finding additional revenue streams, the opportunity is all there in Best Case by Stretto.
Want to learn more about improving your bottom line?
Watch the webinar, Increase Your Firm’s Revenue.
Read more in this series:
Save Time and Avoid PACER Fees
Maximize Your Productivity
Improve Your Bottom Line
Draft a Petition in 30 Minutes
George Vogl joined Best Case as a Senior Product Specialist in early 2018 after practicing consumer bankruptcy for seventeen years, most recently as a managing partner of one of Chicago’s largest bankruptcy firms. As a longtime Best Case user, George is committed to sharing his knowledge of best practices and efficiency tips with customers to help them maximize the benefits of their software.