I've sold bankruptcy claims before, it was probably ten years ago. Back then, it was totally different. The accessibility and availability of information was much more limited in the past, the amount of opportunities to sell my claims were not as prolific as they are today.
This time when my client declared bankruptcy, I had an outstanding claim with them for unpaid consulting services my firm provided.
Though I had a close business relationship with the debtor, I was annoyed with the way the whole thing happened. I wanted to be done with it, bury it, and move on.
I've had other experiences going through the bankruptcy process, so that guided me a little bit. And since I'm an attorney, I understood the process and what was going on in the case. Though I had a close business relationship with the debtor, I was annoyed with the way the whole thing happened. I wanted to be done with it, bury it, and move on. The details of the bankruptcy case didn't matter much to me at this point.
I decided to sell it and get as much as I can...I had already written it off.
I don't remember exactly how I found out about Xclaim, but it must have been one of the emails I received not too long after filing the proof of claim. I had gotten a number of offer solicitations to acquire my claim, and one of the higher bidders was through Xclaim. I decided to sell it and get as much as I can to get it over with. I had already written it off.
The money was in my account in a couple of days, the paperwork was minimal, and customer support was really responsive.
After I joined the marketplace platform, I was able to reply with a counter offer. I went back and forth in real-time with the buyer a little bit and we ultimately settled on a higher price than the original bid I first got.
The entire process was quick, it must have taken around 20 minutes from creating a login to signing the final agreement electronically. The money was in my account in a couple of days, the paperwork was minimal, and customer support was really responsive. There’s nothing in the process I could recommend to make it better.
All in all, it was a very simple, professional process.
Compared to my past experiences selling bankruptcy claims, this one was a lot easier. The combination of the timing and the technology made it substantially better. It’s as good of an experience as you possibly could have when you’re selling debt in a bankruptcy. All in all, it was a very simple, professional process.