Bankruptcy Leads-Make Huge Money With Your Bankruptcy Leads

So what are the different types of
bankruptcy, and which one should you apply for? There are essentially three
different kinds, and which one you decide to file for is based on your current
financial situation.

The first, and probably the worst of the three, is chapter 7. For this, you will
have to use your personal assets (ie house, car, whatever is non exempt) to pay
off your creditors.

Yes, this can be a very difficult process, as saying goodbye to these
possessions you worked for and earned is not easy. However, when you are done,
you will be completely discharged of your debt, and can therefore get on the
path to achieving financial freedom.

With that said, chapter 7 is the cheapest type of bankruptcy to apply for, and
also by far the easiest to get accepted for, because it doesn't require any sort
of payment plan. All you have to do is liquidate your current assets, and you
are done.

However, this might not be your best option, and here's why: with chapter 11 and
13, you don't have to liquidate your assets, and can in fact pay off your debts
with the future income you generate.

Of course, in the case of chapter 11, you will need to show a detailed plan for
paying off your debts, and the court needs to approve it. also, you will need to
show that you have enough income coming in, as well as a reasonable amount of
debt to pay off, that the plan is feasible.

No far out projection or speculations with these
types of
bankruptcy-if the income isn't there, this won't get accepted, and you will
have to use chapter 7. However, keep in mind that chapter 7 is only applicable
to business bankruptcy, and not personal. That's where chapter 13 comes in.

For this, you also need to demonstrate that you have a steady income coming in,
as well as relatively low amounts of debt (check your local area for the exact
amounts). If you can show this, then the courts will draw up a 3-5 year plan for
you to follow in order to pay off your debts.

With this plan, you can use it for personal bankruptcy and business bankruptcy
(except in the case of a corporation). While both of these are more expensive to
file for than chapter 7, if you do qualify, they certainly will be worth it, as
you will be able to retain your personal belongings, and your business, if you
own one.

Note: in the case of chapter 13, the records of your bankruptcy stay on your
credit report for 10 years, which can make taking out a loan a difficult
proposition. However, if that's what you have to do, than that's what needs to
be done. Hopefully this info on the types of bankruptcy will help you know which
is the right choice for you.

In order to find a good bankruptcy list, you first need to find a good bankruptcy lead generation source. This is easier said than done.

There are so many bankruptcy lead generation companies today, and nearly all of them are competing for your business, so finding the right one can be a bit of a hassle.

Unfortunately, it's very hard to get referrals on the best ones, either, because you can't just call up your competition and find out which ones they are going with, as they are very unlikely to tell you when they've found a hidden gem.

The best method, therefore, is to simply test 4 or 5 (or more) different sources until you've found the one wit the best return on investment for you.

Remember, response rate is not the most important number when it comes to your bankruptcy list, but ROI is. I've covered this in extensive detail in other articles, but I'll say it one more time-finding a very responsive list is meaningless if you have to pay an arm and a allege to get them in the first place.

Often times, getting cheap leads (usually online and generated awhile ago) that are not very responsive, will still net the highest ROI simply because you are paying so little to get them.

Again, the only way to know this is to test out different lists. With that said, however, it's generally best to try and find the best leads available (the most recent) because they will be the most responsive.

When you start out from this standpoint, then you can simply be assured that the leads are as responsive as you can get, and therefore your only job is to find the company that provides them at the most reasonable price possible.

When interviewing a lead generation company, be sure to ask them what methods they use to generate their leads. Very simply, not all leads are created equal, even immediately generated ones.

For example, offline leads by and large are more profitable than online, for many different reasons. For one thing, particularly if they responded to a magazine or newspaper ad, you know they were interested enough to stop what they were doing and either pick up the phone or go right to that companies website, showing a level of dedication somebody simply browsing the web probably wouldn't show.

Again, a general rule of thumb is that the best leads are the most recent and generated offline, but as I've said before, return on investment is the ultimate number you should be looking at, not just response rate form the leads themselves.

My best recommendation is to test at last 15 different bankruptcy list generation sources (all generated in different ways) and find out which one is best. You might be surprised that older leads, or internet leads, might actually net you the best ROI even with a poorer response rate than better leads.

If you have bankruptcy questions, you certainly aren't alone. Filing for bankruptcy can be a very confusing process, particularly at first, so here is some important information you need to know to get you through the process as quickly as possible.

First of all, keep in mind that the three most popular forms of bankruptcy filings are chapter seven, chapter eleven, and chapter thirteen. Without understanding the difference between this, it's virtually impossible to get as good a deal as possible.

Chapter seven is where you have to give up all your unprotected assets, and is probably the worst kind to have. With this method, you basically give up all your things in order to pay off your creditors, and your business is shut down.

The good news is, you start over without any debt-the bad news is, of course, you are left without many personal belongings left, and of course, you have no business anymore.

Chapter eleven is usually a more desirable option, but again, is more expensive to file for, and of course, has higher requirements you need to meet. In this case, you give the court a detailed plan you will follow in order to pay off your debts, and if approved, you don't lose any of your personal assets. Instead, you simply use the income you generate in the future to pay off your creditors.

Typically one month after you file, you will meet with your creditors in order to outline your income and expenses, and explain the plan in more detail. What should this plan entail? Here is a brief summary of the main points you need to cover.

First of all, you need to explain why you are filing, how you got to this situation, your assets and liabilities, how much money is coming in and going out, how you plan on paying off your debts (ie where the money will come from) etc.

The main point you need to remember here is that you are making the plan as opposed to the court laying one out for you, as is the case in chapter 13. This makes chapter 11 the desired option for most people, but again, can be hard to get, because if you can't clearly demonstrate your financial situation will improve in the near future, you will be out of luck.

These are the answers to some of your bankruptcy questions, but to find out exactly how to get the best deal possible, keep reading.

In order for your bankruptcy business to thrive, getting responsive bankruptcy leads is essential. Obviously, the success of any business is finding good customers, and before they become customers, you have to market to them properly in order to get them in the door and doing business with you.

This whole process starts out with generating bankruptcy leads, and I will explain how to find the best ones right now to get your business off the ground.

A lead is somebody that has already filed for bankruptcy, and it generally contains their name, business, and other personal contact information so that you can be in touch with them.

Typically, the better leads, in addition to including their physical mailing address and phone number, will also include the amount of debt they owe, their current income, and of course, at what point in the bankruptcy process they are in.

This is very relevant information in case you focus on a particular client base (ex people filing for chapter 7, chapter 11, over a certain income point, etc).

Getting responsive leads is obviously imperative for your business. Keep in mind, there are many companies that's sole purpose is to generate bankruptcy leads and then sell them to companies like yours, so finding the right company is very important, because quite simply, not all leads are created equal.

Keep in mind, the best method is to finding good deals is to find leads with as much information about them as possible, including the facts I described above. When looking for a good lead company, find one that sends the leads to you immediately, in order to ensure the leads are fresh.

The newer the leads, the better, because if you attempt to buy leads several weeks or even months old, for one thing, they might have already filed for bankruptcy and therefore don't need your services.

If they haven't, they probably will have received many direct mail campaigns from other companies, in which case they very likely will either have already picked out the company, or by this time ignoring the mailings altogether.

Probably the best lead source is the internet, because you can be sure these leads are instantaneous, rather than offline leads, which often times take several weeks to process.

Make sure, when you call up the bankruptcy leads company, that you determine exactly what methods they use to generate their leads, ensure that you will be receiving the lead immediately after it's generated, and then go with them.

You very likely will have to test leads from several different sources, but once you hit on a leads source that works, you will have good leads that your business can run on for years to come. Quite simply, you won't know beforehand which lead source is the best; that's part o the beauty of marketing-testing.

Again, I'd recommend starting out with internet leads, finding the best on there, and once you've done this, then move offline. This will help you find the best bankruptcy leads both on and offline.