Posted by Nicole_NCali on 3/8/06 9:13pm
Msg #103426
Any new info on AMCooperative??
Hey all,
I haven't been posting, but I have been lurking. I just received an email and v-mail from this company and I am curious about the aspect of bankruptcy processing they are promoting. This guy did say that he was linked with the NNA and I automatically assumed that this was a new get rich scam. So can anyone enlighten me on what the angle is?
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Reply by BrendaTx on 3/8/06 10:52pm
Msg #103448
Great to hear from you Nicole!
Understand I have not attended any of the teleconferences but have recently talked with two people who have.
First of all, this is not V Ring's Bankruptcy Processing outfit as I understand it. I think it is Gary Drury's. Not that you said it was, but there is always that little bit of confusion because of VR's book on BR Processing which came out about the same time AMC appeared.
AMC has an online software system that you buy into for around $349 and then $19 per month. You use the software online and input the information from the client's file into the system. It generates the BR forms for you from the raw data you feed it. It has the capability to file the BR petition electronically.
What does Bankruptcy Processing mean? It means you are going to do the time consuming client intake for the attorney for a turn key price.
What files do you process? You go out and convince a few BR attys to allow you to process their files for them. I think of it like a mortgage guy or gal needing a loan processor at some point when their business takes off. The processory handles all the grunt work of gathering the information...or they did when I was an LP.
The other day someone asked me why would an attorney not just use the office staff. Many times BRs are done by new attys who have no staff. They can generate the petitions and forms by plugging in the numbers just like the processor would. If they hustle to build a practice, they'll also be taking court appointments from juvenile, family, probate and criminal cases.
As any new business will, their practice will mushroom at some point and they cannot do it all themselves, yet they really cannot afford $35,000-$40,000 for a legal secretary who will have experience and can work without much supervision.
That's where the BR processor comes in. Maybe the lawyer *can* afford $200payable to the BR processor on each case. (I think $200 was the going rate.) That will free up a good bit of their time, because getting all the information together via interviewing the client, then entering the data into the software is going to take a few to several hours and it's very tedious.
I have not done BR processing, but I have done the same exact routine for probate matters.
A large ward's or decedent's estate which is in dispute requires as much detail and accuracy as a BR file does.
The two are so similar that the IRS filing form for both BR Estates and Decedent Estates are the same. (From IRS "Form 1041, U.S. Income Tax Return for Estates and Trusts, is used by the fiduciary of a domestic decedent’s estate, trust, or bankruptcy estate...). I reference this because I know how tedious the work could be if you were also trying to do other things. With large estates I went in on the weekends while it was quiet to gather up the details of a decendent's or ward's life to prepare the Inventory, Appraisement and List of Claims or a Final (or Annual) Accounting. From numbers I generated on these projects the Estate CPA would do the 1041's where applicable.
So, this concept is not without merit. However, as I told a friend on the phone the other day, there is no way a Texas attorney is going to embrace the term BR Processing Service. If I were going to approach this as a business here in Texas, I would use plain words that the attorney could relate to. The concept should be sold using familiar terms because it is going to be hard enough to sell the concept without whipping up new terms that mean nothing to the lawyer. BUT, the concept *can* be sold to the attorney here in Texas, I believe, with enough persistance.
Now, here's where I get fuzzy. Do you really need that online situation with AMC? Some would say yes...some would say no. I have not looked at the alternatives to AMC's online software. I think one of the people I have talked to believes the online solution is probably the best way to go.
If AMC is like the Anniemae portal, you will have to put your client's (lawyer's) information into the software and that gives AMC access to your client's contact information.
My remarks are not to put down this system, or to endorse this system...I would like to have anything I have made reference to corrected if I have misspoken. Correct me here, or feel free to email me.
As far as the link to NNA, I do not really know anything about that. I read the email and almost did the $1 trial until I got to the fine print...in two weeks or so, they will charge you the $349 and bill you the $19 / mo.
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Reply by BrendaTx on 3/9/06 1:39pm
Msg #103629
Re: newlysmom - I have no clue. However,
I would think since you are not working for the client on your own...you are only an outsource and the atty is the one to approve and bless the work, his malprac. insurance (or assets) would be what was on the block for mistakes.
Many do not understand that this work is not the BR Processor working for the client. The BR processor is a contractor doing the same as a legal secretary would be.
They lawyer hires you. Not the client.
In some states maybe a processor can do this without a lawyer, but not in Texas I'll betcha. I would not want to work for a client. ONLY an attorney.
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