Collection Software Solutions was formed to provide software to the Collections Industry. The initial product is Bankruptcy Claim-Pro (BCP). BCP provides a Creditor or a Government Agency with PC and Network based solutions for filing Creditor proof of claim forms with the U.S. Bankruptcy Courts throughout the Nation. It was tailored to assist Creditors and Government Agencies with the timeliness of their filing process, improve operational functionality and create immediate impact to improve bankruptcy collection dollars.

Over the last several years, CSS has implemented BCP into wide range of consumer creditor bankruptcy operations including banks, financial institutions and public utilities. Recently, CSS has integrated the BCP Enterprise solution into creditor bankruptcy collection operations at the state government level. The enterprise solution is capable of supporting platforms in Sybase, Oracle, and SQL Server. Additionally, the Enterprise edition has the capability and fexibility of customization or moving into a .NET environment should a Client want to enhance its business model in that direction.

WHY BANKRUPTCY PORTFOLIO MANAGEMENT?

A directed and concerted bankruptcy portfolio management recovery program can provide stable and vital monthly collections to the organization’s bottom-line results. It is an area of collection opportunity often overlooked by a Creditor or Creditor’s Representative. It has often been said in many collection environments, “…why throw good money after bad money...they are bankrupt! If that were really correct, why would any Creditor or Creditor representative want to collect on their receivables? As we know, a substantial number of debtors pay!

The advantage with bankruptcy collections is that you have a facilitator – the U.S. Bankruptcy Court and Trustees under the direction of the U.S. Trustee’s Office. It is the Trustee’s court charged responsibility to collect assets and monies and return them to the Creditor. It is extremely important to understand that the Trustee is not responsible for how much the Creditor gets paid – that’s the Creditor or Creditor Representative’s responsibility. So, the bottom-line to a Creditor is, manage your bankruptcy debtors or the debtor’s attorney will manage you!

It is also important that a Creditor or Creditor Representative understand the potential dollars available to them ‘after’ completing a proof of claim in a bankruptcy proceeding. On the disbursement side of a Chapter 13 case, the statistical data for 1990-2000 indicates that Plans average paying 53%-58% to secured creditors, between 9%-12% for priority creditors, and unsecured creditors between 18%-22%. The average Chapter 13 case yield is the Year 2000 was $10,039 with $8,678 going to Creditors and $2,182 going to Unsecured Creditors.*

TAX COLLECTION POTENTIAL LEVELS - LOCAL, STATE & FEDERAL

One contract high on many a national agency list is ‘tax collection’ for the Internal Revenue Service. However, to support this type of collection, one must also be able to provide ‘bankruptcy tax collection’. Most importantly, Bankruptcy Claim-Pro (BCP) software product is capable of opening up for Creditors and Creditor Representatives bidding on local, municipal, state and federal bankruptcy tax collections. This collection segment has gone largely untapped and has the potential for explosive growth.