Bankruptcy Law Success Bob Hiler

Are bifurcated Chapter 7s actually legal?

This is the second part of a 2-part episode that answers that simple question:

In the first part, I went over 5 specific mistakes that you need to avoid in order to "bulletproof" your bifurcated Chapter 7s from a US Trustee.

In this second part, I update these 5 mistakes with lessons that I've learned over the last 2 and a half years, as well as some new case law. In fact, I even added a new mistake based on a recent case out of Missouri (see In re Allen).

I've also written a companion "bifurcation case law summary" to go along with this podcast series. You can download it for free here: https://bklawsuccess.com/caselaw/

You can also subscribe to my podcast here: https://bklawsuccess.com/podcast/

If you've ever wondered if bifurcated Chapter 7s are actually legal or not, this is the episode for you.

The surprising truth is that after a tidal wave of legal innovation, many bankruptcy lawyers routinely offer zero down Chapter 7s. You just have to follow the arcane rules involving bifurcating your cases into prepetition and postpetition portions. And as it turns out, no judge has ever ruled that a Chapter 7 cannot be bifurcated, so long as it's done correctly.

This is part 1 of a 2-part episode, where we start by busting the top three bifurcation myths, including:

1. Why bifurcated Chapter 7s do NOT violate the automatic stay or discharge injunction, even though you're collecting money postpetition from debtors
2. How "saddling" poor debtors with a postpetition payment plan for a bifurcated bankruptcy is way better than the alternative of no traditional bankruptcy at all
3. Why it's a total myth that there are many US Trustee enforcement actions that prove that bifurcated Chapter 7s are illegal

I also go over the 5 specific mistakes you need to avoid in order to get into hot water with the US Trustee.

Finally, if you'd like to get my Bifurcation Case Law Summary for free, you can sign up here: https://bklawsuccess.com/caselaw/

If you're new to my podcast, listen to this podcast episode first!

I've been on a journey for years to find an infallible system that any bankruptcy attorney can use to create a practice that frees debtors from the shackles of debt, while also generating a healthy 7-figure income.

At this point, I think I've found it. And in this podcast, I explain everything I've learned, including:

* Why the first step to bankruptcy success is offering a true $0 down bifurcated Chapter 7 bankruptcy
* The legal underpinnings behind bifurcating a Chapter 7 so masterfully that even a skeptical US Trustee can't complain
* The painful way that I learned that "zero down" bankruptcies can't just be the sizzle, it also has to be the steak
* Why the overlooked "too poor to file a traditional bankruptcy" market is the secret to avoiding the typical bankruptcy attorney's vow of poverty
* How Google Ads can make a bankruptcy attorney rich, but only Facebook Ads can make a bankruptcy attorney wealthy

You can also read a transcript of this episode here: https://bklawsuccess.com/the-secret-to-becoming-a-7-figure-bankruptcy-attorney/

You can also subscribe to get an email when we release new episodes of the Bankruptcy Law Success podcast: https://forms.aweber.com/form/76/985243976.htm

I interview Jake Parent, a sales genius who developed what I call a sales script that’s so effective that it can convert 80% of appointments into retained bankruptcy clients. In fact, it’s so effective that I call it the “Irresistible Bankruptcy Sales Script.”

If you’re a bankruptcy lawyer that’s not converting 80% of your appointments, you need to stop what you’re doing and listen to this podcast. Then you need to listen to it again. And then you need to download Jake’s sales script, practice it, and use it for every consultation.

To help bankruptcy attorneys retain more clients, Jake has generously agreed to let me offer four things for you to download: http://lawleading.com/the-irresistible-bankruptcy-sales-script/

1. the exact word-for-word sales script he developed that converts 80% of appointments into bankruptcy clients
2. his highly effective sales script outline that helps you land clients without sounding canned
3. the one-page Powerpoint slide that he uses to get prospects to sign on the line that is dotted, and
4. his comprehensive list of services involved in a bankruptcy that makes clients understand your price is justified, as well as justifying "reasonableness" for any US Trustee.

You can get all these files for free sent to your email inbox by going here right now: http://lawleading.com/the-irresistible-bankruptcy-sales-script/

Some of the highlights in this interview include:

* The exact word-for-word script you can use to retain 80% of the appointments that come into your bankruptcy law office.
* How to get prospects to sell themselves on filing bankruptcy ASAP (so you don't have to).
* Which legal questions repel clients—and the questions you should be asking instead.
* Why it’s actually a positive sign when your clients break down crying while talking to you.
* And a whole lot more, including exactly what to say to make prospects understand that filing cases pro se is not the way to go.

You can also subscribe to get an email when we release new episodes of the Bankruptcy Law Success podcast: https://forms.aweber.com/form/76/985243976.htm

I interview Don Golden, a bankruptcy attorney in Brandon, Florida who dominates his local Google "map pack" and files about 40 bankruptcies a month.

In this interview, Don is remarkably candid about how his bankruptcy practice was hobbled by Google's Penguin update, and how he turned things around by obsessively tracking his numbers and building systems.

Some of the highlights in this interview include:

* The exact strategies that has helped him build his bankruptcy filing volume to 40 cases a month.
* The so-crazy-you'll-never-copy-it tactic that has generated 71 Google reviews for his firm, and made Google list him as the #1 bankruptcy attorney for miles around his office.
* Why he decided years ago to spend $12,000 on software to track his leads--even though he'd just been Google-slapped and lost most of his leads--and how that software paid for itself almost instantly.
* Why he doesn't offer "zero down bankruptcies," and what he offers instead.
* And a whole lot more, including how he's replaced himself for day-to-day legal work and precisely how he's totally redefined his full-time job at his own practice...

You can also subscribe to get an email when we release new episodes of the Bankruptcy Law Success podcast: https://forms.aweber.com/form/76/985243976.htm

I interview Dan Garrison, a bankruptcy attorney who co-founded Fresh Start Funding with Matt Hartley to help other attorneys offer zero-down Chapter 7s.

I learned two things talking to Dan. First, after talking to Dan, I am much more confident that bankruptcy attorneys should go ahead and offer zero-down Chapter 7s today, as long as they do it properly as described in this interview. (I was more wary before.)

Second, I was impressed by Fresh Start's "mid-single digit" default rate, as well as its revenue share being up to 75% of post-petition fees.

One last thing... In this interview, Dan talks about practices growing by 25-30% after implementing zero-down Chapter 7s. I think Dan is being fairly conservative. From what I'm seeing, once you figure out how to sell zero-down bankruptcies (and you figure out your marketing), you can double or triple your filings.

Some of the highlights in this interview include:

* Why bankruptcy attorneys who offer zero-down Chapter 7s see huge increases in their bankruptcy filings versus old-school "layaway plans"
* The specific two requirements you should have prospects meet before you lend them money by doing a zero-down bankruptcy
* Exactly how offering zero-down bankruptcies helps you avoid clients who use sob stories to try to beat you down on price
* The ethical and legal reasons you should never "factor" your accounts receivables in order to offer zero-down bankruptcies (and what to do instead)
* And a whole lot more, including how you can radically reduce the risk of being the first in your district to offer a zero-down bankruptcy

You can also subscribe to get an email when we release new episodes of the Bankruptcy Law Success podcast: https://forms.aweber.com/form/76/985243976.htm