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 situ-
ation, filing 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 significant benefit.
What You Need
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.
Keys to Success
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 fluctuating 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.
Start-up cost: $1,000–$10,000
Potential earnings: $25,000–$40,000
Typical fees: $350 per client; sometimes an additional percentage (5 to
10 percent) from the creditors
Advertising: 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
Equipment needed: Office furniture suitable for client conferences, business
cards, computer with high-speed Internet access,
letterhead, envelopes, marketing materials
Staff required: No
Hidden costs: Errors and omissions insurance.
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