Y Combinator is accelerating non-profit tech startup Upsolve, to build "a unified and efficient software product to allow users easy access to the bankruptcy system," according to TechCrunch. Since its founding in 2016, Upsolve has processed $16 million in bankruptcies, representing 400 people, according to the report. It also diagnosed debt problems for 5,000 users.
Users answer a series of questions about their financial situation, then Upsolve auto-fills forms to be reviewed by an attorney associated with the firm, for free. The software is available in 47 states, including New York and Illinois, and operates like GoFundMe, where users donate for the service. The service has also seen funding from legal aid funds, including the Legal Services Corporation.
Unlike most instances of legaltech and wealthtech, there doesn't seem to be a conflict with the human side of the equation. "Most lawyers don’t want to handle these cases in the first place, because they are not profitable and generally need to be handled pro bono," according to the report.
The firm, led by CEO and co-founder Rohan Pavuluri, has also seen funding from Harvard University, Eric Schmidt's Schmidt Futures and non-profit Robin Hood Foundation.