Bankruptcy Lawyers

Bankruptcy is a legal process that can benefit both a creditor and debtor. Bankruptcy lawyers can represent either or, as most stick to representing either debtors or creditors. If a person, business or corporation is unable to pay their financial debts they may hire a bankruptcy lawyer to help them get through the legal process. Some bankruptcy lawyers represent the creditors and go after people, businesses and/or corporations that have not paid the creditors.

There are only two main issues that bankruptcy lawyers deal with; pre-bankruptcy consultations and actual filing for bankruptcy. When consulting, bankruptcy lawyers are able to answer prospective client questions, and sometimes, they are able to help their clients find positive outcomes, avoiding bankruptcy altogether. Clarifying available options and helping clients understand bankruptcy law and it applies to their situation is critical for both the attorney and the client.

Bankruptcy Lawyer Education

A bankruptcy lawyer, like all other lawyers must do four things before he or she is able to practice the area of law of their choice:

1. Take the LSAT
2. Earn a Bachelor’s Degree
3. Earn a Juris Doctor Degree
4. Pass the Bar Examination

Courses that a prospective bankruptcy lawyer should take while in law school include:

• Bankruptcy Law
• Bankruptcy Code
• Chapter 11 Corporate Reorganization
• Commercial Transactions
• Consumer Finance and Collection
• Any advanced planning course
• Tax Law

Bankruptcy Lawyer Duties

Lawyers specializing in bankruptcy law can work in many different positions. As mentioned before, they can represent individuals or businesses who are filing for bankruptcy or they can represent the creditors who are looking to get paid. Other bankruptcy lawyers work as advisors to businesses that deal in liquidation or financial restructuring. They also work with corporations who buy failing businesses as investments. Other duties that are involved with a bankruptcy lawyer include:

• Management of law firm
• Draft legal documents
• Review court dockets
• Attend court hearings
• Advise clients of all options
• File bankruptcy forms

Bankruptcy Lawyer Salary

Unlike immigration lawyers who tend to make more annually when living in specific locations such as Washington D.C., bankruptcy lawyers can make just as much money working in a small law firm located in a rural or suburban area as they can working in a large firm in a metropolitan city. Generally, new graduates start out as associates in law firms, making an average of $61,000 per year. After earning years of experience, bankruptcy lawyers are free to charge more to clients. Still, because bankruptcy lawyers are not used by single individuals more than once in their life (unlike divorce lawyers who may see a client two or three times during their career) it’s important they build a strong reputation and clientele base. By doing this, many bankruptcy lawyers go on to average $120,000 per year.

Bankruptcy Lawyer Job Outlook

For bankruptcy lawyers, depending on the economy for business is not a new thing. The good thing is, currently bankruptcy lawyers are booming with work due to the amount of people seeking advice on bankruptcy laws, as well as needing to file for bankruptcy. With the number of bankruptcy filings these days coupled with the recent changes in bankruptcy law, being a bankruptcy lawyer at the moment is a great career choice. More so than any other type of lawyer in this economy’s state. However, even though bankruptcy lawyers boom with business during economic times like this, they are always in demand, and many feel this career will continue to aspire for many years to come.