Can your firm handle bankruptcy cases? Experts expect a rise in such cases amid COVID-19, and you should be ready to land as many as possible. Be proactive and generate cases with digital marketing.
Not long ago, less than a month, nobody could predict the direction of the worldwide economy. Consumers were confident, and we were all living our regular lives. The ongoing pandemic changed everything, and we are now facing uncertainty and increased market volatility, while a significant percentage of people have lost part of their income or all of it. Businesses are inevitably affected, as people stay at home, and money isn’t circulated in the economic circle. Moreover, a lot of businesses temporarily close down, affecting both employees and entrepreneurs.
The recession forecasts
Is the US market in recession already? Well, it’s still early to tell, but signs of recession are evident. At the moment, experts say that we are in economic contraction waiting for more evidence that will follow after quarterly reports. Major economic factors such as production, unemployment, new, and rebound orders have all dropped. We all hope for a sudden rebound once the lockdown is over, but we will be able to confirm this in several weeks. The most prominent industries to take a hit by COVID-19 are tourism, hospitality, energy, textile, personal services, sports, and general retail. Professionals who are working in these industries are expected to take a hit with layoffs, and a significant percentage of them are young individuals, mostly Millenials but also Gen Zs. Taking these stats and forecasts into consideration, we expect to monitor an increase in bankruptcy filings.
The two most important bankruptcy chapters
It’s called straight or liquidation bankruptcy.
The state appoints a trustee who takes the assets, sells them, and then distributes the money to the creditors.
There is property exempt for a “fresh start”.
Q: Can I file for chapter 7?
A: You are eligible if you pass the bankruptcy means test and haven’t filed again in the last 8 years.
- The debtor files for bankruptcy and makes monthly payments.
- The payments are made to a trustee.
- The trustee distributes the funds to the creditors.
- Installment payments vary from 36 to 60 months.
Q: Can I file for chapter 13?
A: You are eligible if you don’t pass the bankruptcy means test or have filed for chapter 7 in the last 8 years.
Is your firm ready for these cases?
We are all staying at home, social distance is the reality, and while we all hope it will be over soon, we might face lockdowns even after the end of April. You should make sure that your law firm is ready to perform under these circumstances in terms of intake, preparation, and signing of documents and meetings with your clients. You can find helpful information in our previous article.
Can I increase my firm’s caseload with more bankruptcy cases?
The answer is yes, you definitely can, and the way to achieve it is through digital marketing.
With highly relevant and targeted campaigns, you can effectively target people who are searching for a bankruptcy attorney in your area. Properly configured PPC campaigns will yield immediate results for your firms as the ads will be visible on the top of the search result page (SERP) on day one, and for as long they remain active. In times of uncertainty, neither you nor your clients can wait long, and this is why PPC is our top suggestion. Remember that Hispanics will also be affected by the recession and present a great opportunity in your market. You can read more about the necessity to invest in Spanish Google Ads.
Tip: Desktop search volume is gaining ground, make sure to target all devices (mobile and desktop) and have the appropriate calls to action (Phone or Live Chat).
Retargeting can be a great tool if used properly. After researching your market, you can geolocate relevant places of interest and then display ads to people who visited these places. It can both help you increase your brand awareness and attract potential customers who may not have already made a decision.
SEO is not known for its immediate effects, as it requires significant time to start yielding results. You can take advantage of the free time you might have right now to create relevant, evergreen content for your website. It could be about the specific practice area (transcreated in Spanish would add further value), video content for your general pages or Q&As, and related blog posts.
You can contact your clients, existing or previous, and offer them valuable information in the form of educational videos or reading material (can vary from articles to an ebook). That way, you ensure that your clients know that you are capable of handling bankruptcy cases, while you don’t risk the chance of becoming offensive.
Tip: Evaluate your practice areas and make sure that you prioritize their visibility on your website and your marketing budget.
What are the key takeaways?
- Recession is just around the corner, and the risk of mass bankruptcies has doubled (according to reports).
- Are you and your firm ready to handle the cases amid COVID-19?
- Investing in PPC will allow you to dominate your market.
- Hispanic marketing is essential; contact the experts to create your Spanish strategy.
- Content is key, and it can prove beneficial for multiple purposes.