@Note Taking Nerd – “Give me the money and I’ll give you the taco.” Nice.

@James – Yes, I believe it was a creditors’ meeting. It’s being held in Florida, so there’s no way I’m going.

On a positive note, I am in touch with my contact’s replacement… so there may be hope I will get paid. We’ll see.

@Note Taking Nerd – “Give me the money and I’ll give you the taco.” Nice.

@James – Yes, I believe it was a creditors’ meeting. It’s being held in Florida, so there’s no way I’m going.

On a positive note, I am in touch with my contact’s replacement… so there may be hope I will get paid. We’ll see.

In addition to being a copywriter I am a lawyer. The notice you received was probably for a “341 Creditors Meeting.”

This is a meeting held before the Trustee in bankrutcy at which creditors may appear and ask the debtor (in this case, your now-former-client) questions about the company’s finances.

Most creditors do not appear because once someone files a Chapter 7 bankruptcy, it usually means there are no assets to pay the debts or that there are very few assets left.

If there are any assets, the first to get paid is the Trustee (who can take fees out of the remaining assets), then the IRS or other governmental agencies, followed by the secured creditors. Unsecured creditors (such as you) are last in line, and you can probably guess what being last in line means.

Consequently, it’s not really worth your while to pursue your claim or to appear at the 341 hearing.

Your time amounts to money and time spent pursuing any claims you have will not be well spent.

I’m sorry you are going to get stiffed on the money still owed you. But, particularly in the current economy, it’s going to continue to happen.

So your advice to get paid in full in advance (if you can) is good advice.

In addition to being a copywriter I am a lawyer. The notice you received was probably for a “341 Creditors Meeting.”

This is a meeting held before the Trustee in bankrutcy at which creditors may appear and ask the debtor (in this case, your now-former-client) questions about the company’s finances.

Most creditors do not appear because once someone files a Chapter 7 bankruptcy, it usually means there are no assets to pay the debts or that there are very few assets left.

If there are any assets, the first to get paid is the Trustee (who can take fees out of the remaining assets), then the IRS or other governmental agencies, followed by the secured creditors. Unsecured creditors (such as you) are last in line, and you can probably guess what being last in line means.

Consequently, it’s not really worth your while to pursue your claim or to appear at the 341 hearing.

Your time amounts to money and time spent pursuing any claims you have will not be well spent.

I’m sorry you are going to get stiffed on the money still owed you. But, particularly in the current economy, it’s going to continue to happen.

So your advice to get paid in full in advance (if you can) is good advice.

“All news is good news”

He talks about this in depth in his Wealth Attraction seminar.

It’s pretty much just a spin off of the whole Napoleon Hill “Within every adversity lies the seed of an equivalent or greater benefit.”

You now have a deeper understanding of why it’s in your best interest to get paid like Taco Bell.

Give me the money and I’ll give you the taco.

I know asking for money is one of the biggest hurdles for copywriters to overcome. And as nice as it’d be to be Gary Bencivenga and ask for $25,000 for any project you do and get it all up front…

…it’s not always palatable for clients to pony up all the money upfront for you, especially if you’ve been lenient about when you get paid early in the relationship.

A proposition I think can be a win-win for you and the client is 50% up front to secure the date and the other 50% upon delivery.

In my book that’s fair. If you’ve built up your value to the client they shouldn’t begrudge your upfront fee. Of course it always help to choose clients who aren’t direct marketing virgins — clients you don’t have to educate on why copywriting is so valuable.

Our dream clients are people who can write the copy themselves but are way too busy to do it.

And one last Kennedyism for anyone working for anyone less than a boardroom, agora or healthy directions type client.

“If the client you’re thinking about working with can’t supply you at least three names of people who’ve either written for them before or done a deal with em and would cheerfully do it again… what makes you think you’re gonna be the first.”

Big time mailers know their bread is buttered by copy so the last thing they want to do is get a rep of being shady when it comes time for compensation for a job well done.

Joe bidniz on the other hand might not. Watch your back and your front.

Great learning experience Ryan and your doing what you said you’d do in this deal has chalked up points on the good karma chart.

You’ve been paid an invaluable lesson and you’re money will come back to you if not by this client, by some unexpected opportunity down the road.

Be confident you’ll be rewarded for being a stand up guy and this road bump can’t set you back.

Note Taking Nerd #2
http://www.mynotetakingnerd.wordpress.com

“All news is good news”

He talks about this in depth in his Wealth Attraction seminar.

It’s pretty much just a spin off of the whole Napoleon Hill “Within every adversity lies the seed of an equivalent or greater benefit.”

You now have a deeper understanding of why it’s in your best interest to get paid like Taco Bell.

Give me the money and I’ll give you the taco.

I know asking for money is one of the biggest hurdles for copywriters to overcome. And as nice as it’d be to be Gary Bencivenga and ask for $25,000 for any project you do and get it all up front…

…it’s not always palatable for clients to pony up all the money upfront for you, especially if you’ve been lenient about when you get paid early in the relationship.

A proposition I think can be a win-win for you and the client is 50% up front to secure the date and the other 50% upon delivery.

In my book that’s fair. If you’ve built up your value to the client they shouldn’t begrudge your upfront fee. Of course it always help to choose clients who aren’t direct marketing virgins — clients you don’t have to educate on why copywriting is so valuable.

Our dream clients are people who can write the copy themselves but are way too busy to do it.

And one last Kennedyism for anyone working for anyone less than a boardroom, agora or healthy directions type client.

“If the client you’re thinking about working with can’t supply you at least three names of people who’ve either written for them before or done a deal with em and would cheerfully do it again… what makes you think you’re gonna be the first.”

Big time mailers know their bread is buttered by copy so the last thing they want to do is get a rep of being shady when it comes time for compensation for a job well done.

Joe bidniz on the other hand might not. Watch your back and your front.

Great learning experience Ryan and your doing what you said you’d do in this deal has chalked up points on the good karma chart.

You’ve been paid an invaluable lesson and you’re money will come back to you if not by this client, by some unexpected opportunity down the road.

Be confident you’ll be rewarded for being a stand up guy and this road bump can’t set you back.

Note Taking Nerd #2
http://www.mynotetakingnerd.wordpress.com

Sucks dude.

100% upfront payment from new clients is almost a requirement nowadays.

I learned that lesson the hard way too. :(

And you’re right, the times are a changin’…as marketers we need to adapt, or flounder like a fish out of water.

If anyone isn’t taking 100% payment upfront after reading this post…well…

Joseph Ratliff

Sucks dude.

100% upfront payment from new clients is almost a requirement nowadays.

I learned that lesson the hard way too. :(

And you’re right, the times are a changin’…as marketers we need to adapt, or flounder like a fish out of water.

If anyone isn’t taking 100% payment upfront after reading this post…well…

Joseph Ratliff

@Tommy – I like that old saying. Makes me laugh. :-)

@Tommy – I like that old saying. Makes me laugh. :-)