A bankruptcy management tool is a software that is designed for lawyers and law firms to prepare for bankruptcy cases with legal forms and court-related documents. It helps manage client communications and daily company operations for debt management.

Every company has the probability to become bankrupt if they don’t take care of their business operations. Companies should include bankruptcy management tools to keep track of all the legal documents required in a bankruptcy cases. Additionally, these tools also allow users access the bankruptsy system remotely and transfer data across many devices.

Here is a list of the top tools that will help you manage your bankruptcy.

1. MyCase

MyCase, a cloud-based legal management platform, helps small- to medium-sized law firms manage client communications and daily company operations. Additionally, the solution offers accounting and scheduling features. MyCase offers case administration, bookkeeping, contact management, docketing, and time tracking. Both desktops and a number of mobile devices can access the solution. There is a mobile application available for both iOS and Android mobile devices.

Key Features:

• Users can collaborate with clients and coworkers by managing and syncing their calendars.

• Direct electronic bill payment and notification capabilities are provided by MyCase via mobile or desktop platforms.

• Additionally, QuickBooks connectivity is provided.

• Custom communication templates, contact management, expense monitoring, document drive and storage, and a built-in accounting module are additional capabilities.

• MyCase offers customer help over the phone, via email, and through an online knowledge base, as well as on-demand training webinars. It provides monthly-billed services to subscribers.

Cost:

MyCase package starts at $39 per user/month (USD).

2. PracticePanther Legal

Law firms of all sizes can use PracticePanther Legal Software to manage issues like bankruptcy, personal injury, family, divorce, estate planning, litigation, criminal law, and many more. The system is compatible with both Macs and PCs and is provided as a cloud-based solution.

Key Features:

• Users can access the system remotely and transfer data across many devices with PracticePanther's mobile apps for iOS and Android.

• Some key features include case management, contact management, document management, docketing, and scheduling.

• The solution lets users access task and event workflows, credit card processing, notifications, conversations, and a client portal.

Cost:

PracticePanther Legal package starts at $49 per user/month.

3. CINcompass

CINcompass is a bankruptcy management tool that helps attorneys organize and prepare bankruptcy cases. With this tool, you can prepare, e-file, and manage cases effortlessly. It provides access to forms, reports, and quick scheduling to speed up the process.

Key Features:

• The bankruptcy forms software provides required court-complaint forms, calculators, schedules, tools, and e-filing capabilities to complete a case seamlessly.

• You can increase accuracy and productivity by importing data into appropriate schedules and forms with due diligence integration.

• Access to more than 900 forms.

• Provides diagnostic reports to identify problems before filing.

Cost:

CINcompass pricing starts at $75/month.

4. Lawsyst

Lawsyst is an affordable bankruptcy management tool that helps lawyers and others grow their practice. With the Lawsyst tool, you can access all your documents from one place through any device.

Key Features:

• Lawsyst helps you to save all the files, documents, and reports in a central location with easy access from any device or location.

• Provides a central location to save all documents, files, and reports. This provides easy access from any location or device.

• Easy to manage client contact details for seamless communication.

• Access to all up-to-date case details within reach.

• Provides full control and security of data.

• Simple to integrate with external programs, such as Microsoft Outlook and Facebook.

Cost:

Contact the company for the details.

5. Best Case

Best Case is a bankruptcy management tool many professionals use to streamline tasks and remain court compliant. Not only for professionals, but the tool also makes it easier for the client to access and upload files.

Key Features:

• Provides features with regular updates to ensure that cases are filed with up-to-date local and federal forms and filing figures.

• Attorneys can take in clients online with no in-office meetings.

• Bankruptcy clients can effortlessly upload case documents such as paystubs and tax transcripts through a secure portal.

Cost:

Contact the company for the detail.

6. Clio

Clio is a bankruptcy management system that can be used by small to very large firms. The tool ensures that the information of the firm is secure. It is an easy-to-use tool that will help you make no errors during documentation.

Key Features:

• Easily convert Word files into online templates.

• Provides Access to up-to-date libraries of official court forms. It even provides auto-fill sets of forms instantly.

• With Clio manage, creating court forms with pre-populated data and reducing the risk of errors is easy.

• Easy access to bills, documents, client contact info, and other information from any computer or device with an internet connection.

• Easy integration with external tools such as Dropbox.

Cost:

Clio package starts at USD 39/user/month.

7. AbacusLaw

AbacusLaw is a bankruptcy management tool built for law firms. The tool makes handling documents and schedules easy for an attorney and the client. AbacusLaw can easily integrate with the existing softwares or services the attorney is using.

Key Features:

• Provides accurately prepared legal documents and forms.

• Schedules follow-up events with the client for better communication. Provides case status, deadlines, chronology, and alert reports.

• Easy to make your calendar visible to everyone on the team and your client.

• Easy integration with Microsoft Outlook.

Cost:

Contact the company for the details.

8. Smokeball

Smokeball is a cloud- based customizable bankruptcy management tool with access to a vast library. This tool makes it easy to set up and manage legal forms, matters, and other documents.

Key Features:

• Customize frequently used forms with a single click.

• Access to the most recent local forms of more than 20,000 court documents from the library.

• Easy set up your template legal forms and letters from scratch using legal document automation integration with Microsoft Word.

• For simple and complex documents, legal document drafting software smartly uses the information and data in Smokeball legal practice management software to save time and eliminate errors from inaccurate drafting.

Cost:

Smokeball package starts at $29 per user/per month.

9. Jubilee

Jubilee is a bankruptcy management tool that will walk you through all the bankruptcy filing and scheduling details. It is a safe tool, and you can exchange documents securely. The tool helps in filing under various chapters of bankruptcy cases seamlessly.

Key Features:

• The ECF Wizard offers helpful guidance to users when they file for bankruptcy.

• Jubilee is CM/ECF court compatible and covers Chapters 7, 11, 12, and 13 filings.

• Jubilee automatically adds significant dates and hearings to the online calendar from the docket language of court documents.

• Users can engage with customers directly from within their case via real-time text messaging and reminders.

• The tool integrates with various third-party vendors to help get the job quickly.

Cost:

Jubilee pricing starts at $45/month.

10. NextChapter

NextChapter is a bankruptcy management tool that is useful for lawyers. The tool assists lawyers and law offices in handling, filing, and preparing bankruptcy cases utilizing forms, questionnaires, documents, and checklists.

Key Features:

• Helps in moving quickly through the bankruptcy petition documents by eradicating double and triple data entry.

• Helps prepare for Chapter 7, Chapter 11, and Chapter 13 bankruptcy cases on any browser and device.

• The dashboard allows law firms to submit comments to case files and view or track deadlines, activities, case development, fees, and payments on a single platform.

• Aside from managing immigration cases, lawyers can also upload files to cases using a drag-and-drop interface, work with paralegals on particular cases, and keep records of their clients' pay stubs, taxes, and credit reports in a centralized repository.

Cost:

NextChapter pricing starts at $79/case.

11. Tabs3

Tabs3 is an easy-to-use bankruptcy management tool that makes finding and editing documents quick. With this tool, you do not have to search various records to find the right one. It is reliable, and you can seamlessly integrate this tool with external services.

Key Features:

• Proper organization of matter to find clients' cases and documents easily.

• Proper visibility of appointments by day, week, and month with a firm-wide calendar.

• Easy to use interface and instantly find possible conflicts of interest.

Cost:

Contact the company for the details.

12. iDeals Virtual Data Room

iDeals Virtual Data Rooms is a secure bankruptcy management tool to share and collaborate on business-critical documents. The platform is designed for simplicity and ease of use, making it suitable for firms of all sizes.

Key Features:

• Upload files in 25+ formats, and the tool converts them into secure PDFs.

• During documentation for safety, you can revoke document access rights even after downloading the documents.

• Provides secure fence view. Protect confidential data against unrequested viewing by facilitating a restricted viewing mode.

Cost:

iDeals Virtual Data Rooms pricing starts at $460/month.

13. Zola Suite

Zola Suite is a bankruptcy management tool that provides advanced legal management tools. It is suitable for all types of law firms. The tool has a feature called Document Automation which makes the process of bankruptcy management error-free and streamlined.

Key Features:

• Case-related messages are smoothly integrated into a patented email management system.

• Zola Suite’s Document Automation streamlines the process of making new documents and forms.

• The tool safeguards the files and keeps clients' case documents in one place.

• Provide file locking and tagging.

• On-the-go timekeeping, calendaring, contact management, and document scanning are all made possible by specialized Android and iOS mobile apps.

Cost:

Zola Suite pricing starts at $59/month.

14. TimeSolv

TimeSolv is a cloud-based bankruptcy management tool that can be used by law firms, accountants, consultants, architects, and independent contractors to manage daily business operations. To assist in organizing and saving data, it also offers case management capabilities and document management tools.

Key Features:

• The document automation feature allows users to fill up papers with standard formatting.

• It helps add descriptions to the forms or files related to the case for better viewing.

• Within TimeSolv, safely store client and matter documents.

Cost:

TimeSolv package starts at $32.36.

15. Filevine

Filevine is a bankruptcy management tool that helps simplify complex legal work. With the help of the tool, you can access everything from a centralized location. The tool also offers templates for drafts to make work easy.

Key Features:

• Centralizes all case information to never miss a deadline.

• Provides easy communication with the client regarding case details.

• It helps generate documents instantly in context with a single click.

• You can use templates with related variables and a content library to make a draft and author demand letters and court proceedings.

Cost:

Contact the company for the details.

16. Centerbase

Centerbase is a secure bankruptcy management tool that provides solutions to all problems. The tool helps organize and categorize all required documents according to their needs and deadlines. With this tool, you can speed up the process with your clients without errors during communication or documentation.

Key Features:

• The tool is secure for sharing and creating documents with clients regarding the case.

• Add jurisdiction-based deadlines instantly to matters and set dates with just a few clicks.

• Easy to schedule appointments with clients.

Cost:

Contact the company for the details.

17. Assembly

Assembly is a bankruptcy management tool that helps firms streamline, customize and automate workflow while managing all case-related information and data in a central location. The tool ensures that no errors take place in any step.

Key Features:

• Confidential bankruptcy documents and other case data are saved in Microsoft Azure's secure database.

• The tool helps keep track of associated files. For example, versions of a retainer agreement with multiple signatures

• Creates documents in bulk with no errors.

Cost:

The starting price is $89 per month.

18. Action Step

Action step is a bankruptcy management tool that is easy to use and secure. It provides cloud-based legal practice management software. The tool helps bankruptcy practices and their teams create & organize case documentation and inform clients of progress.

Key Features:

• It helps collect relevant data for bankruptcy cases, such as associated parties, asset figures, key dates, income, etc.

• Provides and helps create document templates to ensure consistency across the case documents.

• Ensure the generation of error-free documents.

• Provides automated alerts and reminders never to miss a date.

• Control access to what the client can view and edit.

Cost:

Starting price is 89 USD.

Things to consider while choosing Bankruptcy Management Tools

When choosing a bankruptcy management tool, there are several important factors to consider:

1. User-friendliness: Look for a platform that is intuitive, easy to use, and does not require extensive training to get started.

2. Integration with other tools: Consider a tool that integrates with your existing software to reduce manual data entry and increase efficiency.

3. Reporting and analytics: Bankruptcy management involves a lot of data, so choose a tool that provides detailed reporting and analytics capabilities.

4. Data security: Ensure that the platform you choose has robust security measures in place to protect confidential information.

5. Cost-effectiveness: Consider the cost of the tool and whether it provides value for money compared to other options in the market.

6. Customer support: Good customer support is essential in case of technical issues or questions. Check if the vendor offers 24/7 support, live chat, email support, etc.

7. Customizability: Ensure that the tool can be customized to fit your unique bankruptcy management needs.

8. Scalability: As your business grows, your bankruptcy management needs may change, so choose a tool that can scale with your business.

FAQs

1. What is bankruptcy management?

Bankruptcy management refers to the process of managing the financial and legal aspects of a bankruptcy case, including negotiations with creditors, documentation preparation, and asset liquidation.

2. What are bankruptcy management tools?

Bankruptcy management tools are software and online platforms designed to help individuals and businesses handle the complexities of a bankruptcy case. These tools can automate many tasks, such as document preparation, asset tracking, and communication with creditors.

3. Who can benefit from bankruptcy management tools?

Individuals and businesses facing bankruptcy can benefit from using bankruptcy management tools. These tools can provide a streamlined and efficient process for managing a bankruptcy case's financial and legal aspects.

4. What features should I look for in a bankruptcy management tool?

When choosing a bankruptcy management tool, it's important to consider features such as document preparation, asset tracking, communication with creditors, and budgeting tools. Security and privacy features, such as encryption and user authentication, are also important considerations.

5. How do bankruptcy management tools compare to traditional bankruptcy services?

Bankruptcy management tools offer many benefits over traditional bankruptcy services, such as lower cost, greater efficiency, and a more streamlined process. However, it's important to keep in mind that bankruptcy management tools are not a substitute for professional legal advice and representation.