Bankruptcy management is notoriously known for its heavy paperwork and manual processes. Creditors—including banks and financial institutions—often find themselves overwhelmed by the sheer volume of documents accompanying bankruptcy cases, from initial filings to ongoing updates. Managing this workload alone can strain resources and lead to costly inefficiencies around operational effectiveness.
To improve their bankruptcy management workflow, there are proactive measures creditors can take to mitigate issues. Here’s how you can modernize your approach with digital tools that can make a significant difference:
1. Minimize physical paperwork
Switching from paper to digital Bankruptcy Noticing Center (BNC) notices provides a more efficient, streamlined approach to case management. It’s through electronic documentation that creditors can reduce the risk of lost or misfiled documents, facilitate quicker retrieval, and minimize errors. With digital access, your team can seamlessly search for case details and quickly spot discrepancies, saving time and improving accuracy.
rithms to identify patterns throughout the onboarding process. We also work with external partners to ensure we have a complete merchant overview during onboarding.
Key digital BNC notice features to enhance efficiency:
- Download bankruptcy case history and documents instantly.
- Access case parties in HTML format for a fast and smooth experience.
2. Centralize document access
Keeping all case-related documents in one centralized location enables quick, easy access for everyone involved in bankruptcy case management. Any disruption to that system could lead to a strain on resources and lengthier timelines. That’s why it’s essential for handling large portfolios, where managing adversary proceedings, court states, and case details requires an organized, efficient system.
Enhanced central access capabilities include:
- Comprehensive search options by chapter, court state, debtor address, or record ID for quick lookups.
- Faster updates in Docket Event Monitoring (DEM) for bulk actions.
- Configurable workflows that align with your specific needs at each team level.
3. Configurable and automated workflows
Without having some level of configurability, there would be little to no room for efficient bankruptcy case management. Tailoring workflows to meet your unique requirements streamlines case management and allows your team to focus on higher-value tasks.
Configurable event subscriptions and saved search capabilities are two examples of how you can reduce manual tasks and expedite repetitive processes. Additionally, data visualization options provide clear insights into ongoing cases and team performance.
Customization tools for workflow efficiencies:
- DEM Event Subscription and Configuration through Compliance and Default Efficiency Technology (CADET).
- Saved search criteria for quicker, more targeted results.
- DEM dashboard charts for clear insights into team activity and case progress.
By minimizing physical paperwork and centralizing document access alongside configuring and automating workflows, creditors can greatly improve efficiencies in their bankruptcy management process. These strategies not only reduce time and costs spent on arduous paperwork but also enhance accuracy and accountability across teams.
Ready to help your institution become more efficient? Check out our Electronic Bankruptcy Notification Solutions or contact us.
Disclaimer: The information provided in this blog is for general informational purposes only and should not be considered legal, tax, or financial advice. It is not a substitute for professional advice and should not be relied upon as such. We expressly disclaim all liability for any actions taken or not taken based on any or all the content of this blog.