3 Best Bankruptcy Software with Buyers Guide
From start to finish, Best Case by Stretto has everything attorneys need to prepare, file and manage Chapters 7, 9, 11, 12, 13 and 15 bankruptcy cases. Built-in tools boost time savings on every case, and integrated data eliminates tedious manual data entry and increases accuracy.
Best for Legal professionals preparing and filing bankruptcy cases including attorneys or paralegals and office support staff Cloud based bankruptcy solution with bankruptcy forms Workflow management and Practice management
Best for Resolution Professionals, Insolvency Experts Lawyers Chartered Accountants CEOs Creditors and various stakeholders who are a part of the Bankruptcy Insolvency or Liquidation Online software for corporate insolvency resolution process management for professionals
Bankruptcy software is a online tool which any law firms can utilize for automating the processes of filing bankruptcy and doing up all the meeting for the court’s compliance standards. It hastens up the legal processes by leading to automate data entry and legal calculations. The software also assists in firms manage bankruptcy cases and file electronic petitions. The key features of software have forms automation, electronic filing, and forms library.
Advantages of Bankruptcy Software
File petitions faster: Assists lawyers digitally file petitions for transfer to all the case management/electronic case file (CM/ECF) courts. Filing petitions directly to a court’s website decreases the turnaround time.
Automate legal calculations: Helps in automating calculations for means test, exemptions, commitment periods, and repayment plans. The software has all the means test, based on the case data, to find the chapter of bankruptcy. It also utilizes data like, the median family income, to calculate the presumption of abuse and commitment period.
Update bankruptcy rules automatically: Updating forms and rules automatically whenever the courts update forms and federal rules for simplifying the legal process. These all changes are consistent in each and every form and include fully revised consensus and updates to all the features.
Auto-populate legal data: Helps in populating data automatically in the recurring fields. Details, like debtor’s identity, jurisdiction-specific data, and case numbers, are auto-populated into forms and all the schedules related to it.
Features of Bankruptcy Software
Case management: Managing cases easily with the help of centralized document access and automating workflows.
Legal forms library: Using pre-designed, industry-specific forms from the available pool of case library.
Forms automation: Automating repetitive data entry and form creation.
Electronic filing: Transmitting documents digitally to the regulatory authorities.
Calendar management: Creating, managing, and sharing multiple calendars.
Calculators: Calculating exemptions, repayment plans, and means tests.
Price of Bankruptcy Software
Most products in the market are priced on a “per user per month” basis and can be divided into the following three pricing tiers based on their starting price. A premium product is priced higher and have additional features like task management and client management.
Considerations while Purchasing Bankruptcy Software
Verifying the end user: Each bankruptcy solution has its target end users. Some licenses permit an attorney to file petitions, whereas others permit paralegals and virtual assistants to file under the attorney’s license. The tools include do-it-yourself (DIY) capabilities for private citizens that don’t offer process automation and may be irrelevant for lawyers. Therefore, verify each solution’s targeted users before purchase.
Checking for compliance with relevant state laws: Each state has different asks, like hardware requirements and specific laws, which the software requires to comply with. Therefore, ensure that the software is compatible with the systems used in the district’s courts.
Assessing post-filing forms: It’s necessary to consider the functionalities associated with post-filing forms like “motions to convert” forms. Check whether the vendor’s pre-designed forms and editing procedures suit the law firm’s needs. Also, check if the post-filing forms provide all the functions you require.
Bankruptcy Software Trends
Machine learning to help firms predict bankruptcy: Studies suggest that machine learning (ML) could accurately predict the occurrence of bankruptcy two years before it happens. This can be done by feeding a large data set into an ML-based learning model for assessing the risk of bankruptcy. The technology makes predictions based on the connection between the financial metrics and risk of bankruptcy.
AI to lead the way in bankruptcy investigation: Artificial intelligence (AI) is increasingly being used in complex bankruptcy investigations. It can easily sift through large amounts of structured and unstructured data like the general ledger, emails, third-party data, social media data, and transaction data. This will make insolvency investigations more accurate, cost efficient, and sophisticated.