In a competitive legal market, law firms are always searching for more efficient, cost-effective methods to manage their bankruptcy cases. One solution that has become popular is outsourcing. Outsourcing has become a focus for bankruptcy law firms to manage bankruptcy cases, particularly Chapter 7 and Chapter 13 bankruptcy matters. GSB LPO Services is the partner you want for all your Chapter 7 & 13 bankruptcy cases. GSB LPO Services provides professional service specifically for bankruptcy cases which are unique in their challenges.
Understanding the Distinctions: Chapter 7 vs. Chapter 13 Bankruptcy
Since we are now considering the advantages of outsourcing, let’s first get an understanding of the distinction between Chapter 7 bankruptcy and Chapter 13 bankruptcy.
- Chapter 7 Bankruptcy – Sometimes called “liquidation bankruptcy,” Chapter 7 can sell a debtor’s ‘non-exempt’ property and distribute the proceeds to their creditors. It is usually for individuals with little or no disposable incomes that cannot repay their contracts.
- Chapter 13 Bankruptcy – Sometimes referred to as a “wage earner’s plan,” individuals with regular income are allowed to come up with a plan to repay all or part of their debts over a period of three to five years. This is the appropriate option for individuals with regular income who want to keep their property while curing their late or missed payments.
Both chapters contain their own intricacies, which require careful planning and compliance with a specific way of doing business.
The Advantages of Outsourcing Bankruptcy Services
Outsourcing bankruptcy services, especially Chapters 7 and 13, all have many potential advantages:
- Cost Savings – Law firms can save money on overhead if they outsourced because it would cost less than having to hire and train their staff in-house.
- Experience and Accuracy – Outsourcing firms have experience and expertise in bankruptcy laws and processes which will aid them to document accurately and in compliance with the bankruptcy code.
- Scalability – Outsourcing allows the work to be scaled up (if caseload increases) and down (if caseload decreases).
- It Allows Attorneys to Concentrate on Core Activities – With the non-legal, menial work assigned to someone else (like the outsourced bankruptcy services), attorneys can spend more time on things that are legal activities as well as with their clients.
Why Choose GSB LPO Services for Chapter 7 & Chapter 13 Bankruptcy Outsourcing
GSB LPO Services has established itself as a premier provider of bankruptcy outsourcing solutions, offering tailored services for both Chapter 7 and Chapter 13 cases:
Chapter 7 Bankruptcy Outsourcing
- Full Petition Preparation: GSB LPO offers a complete petition preparation service, including collecting debtor information, preparing accurate petitions, and filing it with the Bankruptcy Court.
- Emergency Drafting Services: GSB LPO has an emergency drafting capability for last minute filing.
- Filing Documents and Submitting Documents to the Court: Document filing, requesting the hearing, and making sure that Court documents are filed in compliance with Court procedures.
- Information Gathering and Review: Full review of all financial information, gathering financial data that is missing, and drafting all documents.
Chapter 13 Bankruptcy Outsourcing
- Petition and Plan Drafting: GSB LPO has prepared Chapter 13 petitions and repayment plans for over a decade and can effectively draft these documents to accommodate individual client needs.
- Dealing with Trustee Objections: GSB LPO will also assist with addressing, dealing with, and resolving any objections made by trustees to expedite the confirmation of all plans.
- Amendments and Compliance: Post-filing, all necessary amendments will be completed for client compliance with ongoing case demand.
GSB LPO is staffed with trained paralegals and lawyers who have been providing quality support to bankruptcy attorneys and law firms for over a decade.
Noticing the Benefits: Cost Efficiency and Efficiency
Law firms leveraging GSB LPO Services have realized huge cost savings, with bankruptcies sometimes costing firms up to 75% less. These savings, combined with our efficiencies and accuracy of securing compliance can enable firms to provide enhancements in their services without compromising quality.
Conclusion
Navigating the Chapter 7 and Chapter 13 bankruptcy framework is a litigious process requiring accuracy, expertise, and efficiency by professionals. Law firms that have outsourced their bankruptcy service needs to GSB LPO Services benefit from dedicated expertise that saves them from huge costs while allowing them to provide legal support to clients.