Bankruptcy software is an essential tool used for providing guidance and services during the IVA process. To initiate the insolvency process and help those in debt, the use of insolvency software is required. Here are some key features of a bankruptcy or insolvency software:

•  Evaluates the best debt solution
•  Insolvency and bankruptcy code compliant
•  Collect payments and redistributes to creditors
•  Tracks all incoming and outgoing finances
•  User-friendly and completely secure
• Automated emails and texts
•  Integration with apps and services

In recent years, the number of bankruptcy filings in India has risen. Lawyers and resolution professionals may get multiple clients in such a situation. It may turn out to be intimidating if they do not find a way to organize their work. Tools for bankruptcy and insolvency management are designed to bridge this gap.

Check out our list of Best Insolvency & Bankruptcy software in 2020:-

• Solvemint: Insolvency Resolution & Liquidation Software
• Best Case Insolvency Software
• Jubilee Bankruptcy Software
• CINcompass Bankruptcy Software
• 1ClickBankruptcy Software
• Fast Case Insolvency Software
• NextChapter Bankruptcy Software

1. Solvemint

Solvemint is a corporate insolvency resolution tool that lets you manage all the stakeholders, assets, and office locations using a simple web-based interface. You can use the Claim Management System in it to manage claims and EOI. A user-friendly interface and features like automatic reporting help you to significantly reduce your workload. Solvemint offers a 07-day free demo, and you can get it by submitting a demo request without filling out any Credit Card details.

2. Best Case

Best Case by Stretto has many key features that lawyers need in preparations and case filings. Features like built-in tools and built-in data remove the exhausting manual data entry and save time effectively. You constantly get updates about industry trends and new guidelines as well.

3. Jubilee Bankruptcy

Jubilee Bankruptcy is a user-friendly insolvency software created to serve established companies and startups both. It guides you throughout the bankruptcy filing process and lets you file cases electronically. Jubilee Bankruptcy also provides integration with third-party vendors to collect data from outside.

4. CINcompass

CINcompass is a web-based tool that blends features of bankruptcy with practice management software. The tool gives you the comfort to tap into your data from anywhere at any given time. You can gain access instantly and arrange, file, and manage cases without hassles.

5. Fastcase

Fastcase offers effective tools to support and make legal research easier. Lawyers, legal firms, and bar associations may consider Fastcase as it gives them complete access to the records. It helps lawyers or resolution professionals in decoding the law faster and makes the process easy and fair to all the parties.

7. 1ClickBankruptcy

1ClickBankruptcy is a consumer bankruptcy tool that offers step-by-step guidance on how to fill all the necessary forms. This DIY bankruptcy tool does all the calculations you need while you fill out the forms. If you don’t want to get involved in calculations and seek more guidance, this may be the bankruptcy software for you.

8. NextChapter

The web-based bankruptcy software from NextChapter enables you to prepare cases on any browser or device, at any time. It streamlines everything you need to run your bankruptcy practice with analytical features, simple interface, integrations, and many more.

If you’re a resolution professional or planning to buy an insolvency software, always consider how many people will be using it. Pricing depends on the number of users of the software, and it’s important to evaluate before you make a choice. Some additional aspects you should consider before purchasing are:

• Do you like the pre-designed forms?
• Do you find the user interface comfortable?
•  Does it have the features that you want?

If you haven’t made a choice yet, you should try Solvemint. It lets you communicate effectively with bulk emailers, release your workload with well-defined workflows, and handle thousands of stakeholders without hassles. As per the guidelines set by the new insolvency and bankruptcy code, it helps resolution professionals maintain transparency throughout the process as well.

An insolvency software can greatly impact your practice. Always ensure you’re using the right tools. Don’t make a purchase that you and your clients, both would regret.