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FW: James T King Bankruptcy Symposium
Hi everyone,
In case you do not know, 4 out of the 5 Trustees in the CDCA (Amrane Cohen
is the holdout) are now using TFS as one method CH 13 debtors can pay their
plan payments. I have forwarded an email below from TFS President, Pat
Schaeffer, providing a few details about TFS. TFS is also graciously
sponsoring the James T. King Bankruptcy Symposium tomorrow. Feel free to
set up your attorney portal and get your clients enrolled. It has a ton of
cool features for debtor attorneys. And their clients.
M. Erik Clark
[image: small logo (2)]
100 N. Barranca Street, Suite 250
West Covina, CA 91791
www.BorowitzClark.com
Office: (626) 332-8600
Fax: (626) 332-8644
Board Certified in Consumer Bankruptcy
American Board of Certification
*Dont forget to give us a 5 star Yelp review at www.yelp.com
and Like us at "www.facebook.com/BCLaw.LLP
*
The TFS *Attorney Portal* was launched in response to requests from
Attorneys all across the country who wanted more involvement in the payment
process. In districts nationwide debtors pay a fraction of their fee
upfront and the bulk of the attorney compensation comes from the first very
critical plan payments. Attorneys do almost 100% of the work pre
confirmation and their compensation is "debtor success dependent".
Automatic payments from bank accounts do increase the debtors chance of
success. The portal increases the likelihood attorney get paid by
permitting attorneys or paralegals to :
- Establish an automatic payment plan with the client at the signing
appointment so the client understands exactly how much they need to pay and
when it will start.
- Create the TFS account pre-filing and then activate after it was filed.
- Excellent work flow tool which shows all cases are pending activation.
- Increase or decrease the payment on behalf of their client to adjust
for modified plans.
- Receive daily status emails.
- This email details if a clients account was suspended or closed. This
timely alert permits staff to contact the client about options like
amending the plan (more attorney fees) or curing the arrears (increase
chances that admin claim get paid). No more waiting for the MTD.
- Print out client payment histories pre-341 or pre-HOC.
- And much more like print out a MoneyGram card
- Oh yeah, the portal is FREE.
Our *MoneyGram* feature was originally designed to address the concerns of
the unbanked. However it has morphed into a tool which is* increasing
confirmation rates* and *decreasing dismissal rates*. We analyzed the
first few hundred MoneyGram payments and this is what we discovered:
- 25+% of the payments are emergency pre-confirmation payments. The
client's plan is underfunded and they need to rush in a small payment
before confirmation. MoneyGram is the fastest method the pay a Chapter 13
trustee;
- 45+% of the payments are emergency pre-MTD or pre-lift stay. Again,
the ability to make a payment that the trustee can immediately verify
decreases the dismissal rate. You can appreciate that the longer a debtor
remains in Chapter 13 the more fee opportunities are generated to help them
achieve a discharge.
I have attached out Attorney Portal Handbook and MoneyGram brochure for
your review.
Have a great weekend
Patrick K. Schaefer, Esq.
Founder & Chief Executive
Nationwide TFS, LLC, 500 North Broadway, Suite 240, Jericho New York 11752
Direct Dial: 646-794-5969 / Cell: 516-241-5409
pat@tfsbillpay.com | www.tfsbillpay.com
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