How to Be Bankruptcy Attorney - Job Description, Skills, and Interview Questions

Feb 8, 2021 / 5 Minutes Read / By Albert

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The recent financial crisis has led to a dramatic increase in the number of individuals and businesses filing for bankruptcy protection. As a result, bankruptcy attorneys have seen their practice areas become increasingly busy. In order to handle the influx of cases, they must stay abreast of the latest changes in bankruptcy law, as well as the nuances of each states law, to provide the best advice and representation to their clients.

they must be prepared to handle creditors, financial institutions, and other parties involved in the process. A competent bankruptcy attorney is an invaluable asset for those facing financial difficulty and can often provide the guidance needed to get back on solid financial footing.

Steps How to Become

Earn a Bachelor's Degree. Most bankruptcy attorneys have a four-year bachelor's degree in a subject such as business, accounting, finance, law, or economics.
Take the Law School Admission Test (LSAT). The LSAT is a standardized test administered by the Law School Admission Council (LSAC). It is designed to assess critical thinking skills and the ability to analyze complex arguments.
Attend Law School. Most states require attorneys to have a Juris Doctor (J. D. ) degree from an accredited law school. During law school, students can take courses that specialize in bankruptcy law.
Pass the State Bar Exam. All attorneys must pass their state's bar exam in order to practice law in that state. The bar exam is a two-day test that covers topics such as contracts, torts, criminal law, and more.
Gain Experience. Most states require attorneys to have a few years of experience before they can practice independently. During this time, attorneys may gain experience by working for a law firm or as a legal intern.
Become Certified as a Bankruptcy Lawyer. Some states require attorneys to become certified in bankruptcy law before they can practice in this area of the law. Certification requirements vary by state, but typically involve taking additional courses and passing a certification exam.

Regularly staying up to date and being capable as a bankruptcy attorney is essential for providing quality legal advice and services to clients. Attending continuing legal education (CLE) classes and seminars is one of the best ways to stay current with the ever-changing laws, regulations, and court decisions related to bankruptcy. networking with other bankruptcy attorneys and joining professional associations such as the American Bankruptcy Institute will help keep an attorney informed on the most recent developments in the field.

Finally, staying organized and efficient in the day-to-day operations of a bankruptcy practice will help ensure that clients receive efficient, cost-effective legal services. By taking these steps, a bankruptcy attorney can remain capable and knowledgeable in their field.

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Job Description

Bankruptcy Attorney: Advise clients on the legal aspects of bankruptcy, including the rules and regulations, filing processes, and alternatives to bankruptcy. Represent clients in court during bankruptcy proceedings. Prepare and review documents such as debt reorganization plans and petitions.
Bankruptcy Paralegal: Provide support to bankruptcy attorneys by researching and preparing legal documents related to bankruptcy cases. Assist with client interviews and filing documents with the court.
Bankruptcy Trustee: Monitor and administer bankruptcy cases on behalf of creditors. Ensure that creditors receive the maximum amount of repayment possible, while also protecting debtors rights.
Financial Advisor: Guide individuals through financial decisions related to bankruptcy, such as which debts to prioritize for repayment and how to manage their budget after bankruptcy.
Bankruptcy Clerk: Process documents related to bankruptcy cases, including filing documents with the court, maintaining records, and issuing payments.
Credit Counselor: Provide guidance to individuals on managing their finances, debt, and credit. Educate individuals on the consequences of bankruptcy and other debt-relief options.

Skills and Competencies to Have

Knowledge of the bankruptcy laws and regulations in the relevant jurisdiction.
Ability to interpret financial documents and understand complex financial transactions.
Familiarity with court procedures and filing requirements.
Ability to advise clients on the most beneficial options available for debt relief.
Excellent communication and interpersonal skills.
Ability to negotiate with creditors and other parties in order to reach a beneficial settlement.
Ability to effectively manage multiple cases and deadlines.
Ability to identify potential fraud and abuse of the bankruptcy system.
Excellent organizational and problem-solving skills.
Knowledge of relevant software tools, such as case management software, to streamline processes and increase efficiency.

Having an experienced and knowledgeable bankruptcy attorney is essential to a successful bankruptcy filing. A good attorney can help an individual or business navigate the legal complexities of the bankruptcy process and ensure that all forms are accurately completed, deadlines are met and creditors are properly handled. The attorney will advise their client on the best course of action, explain their rights and obligations, and represent them in court if necessary.

a bankruptcy attorney will assist in determining which type of bankruptcy is most appropriate for the individual or business and may be able to negotiate with creditors to secure more favorable outcomes. Having the right bankruptcy attorney can make the difference between a successful filing and a lengthy, costly process.

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Frequent Interview Questions

What experience do you have in bankruptcy law?
What types of bankruptcies have you handled in the past?
How do you keep up with changes in bankruptcy law?
What strategies do you typically use to negotiate with creditors?
How do you handle difficult clients and situations?
How do you ensure that your clients understand all the legal options available to them?
What do you consider the most challenging aspect of bankruptcy law?
What kind of resources do you use to stay current with the latest developments in bankruptcy law?
How do you handle competing interests between creditors, debtors, and trustees?
How do you handle complex financial cases?

Common Tools in Industry

Bankruptcy Software. A software program that helps bankruptcy attorneys prepare, file and monitor bankruptcy cases. (e. g. BestCase Bankruptcy Software)
Legal Research Platform. An online platform providing access to legal cases, statutes and regulations. (e. g. LexisNexis)
Document Assembly Software. Software used to quickly create documents, such as contracts and pleadings, based on information entered by the user. (e. g. Adobe Acrobat Pro)
Case Management Software. Software used to manage client information, case files and other documents in one secure place. (e. g. Clio)
Litigation Support Systems. Software used to automate litigation processes, such as discovery, document review and analysis. (e. g. Relativity)
Financial Analysis Software. Software used to analyze financial information to help develop strategies for debt resolution and restructuring. (e. g. Bankruptcy Pro)
Online Filing Services. Online services used to file bankruptcy petitions and other documents with the court electronically. (e. g. CM/ECF)

Professional Organizations to Know

American Bankruptcy Institute
National Association of Consumer Bankruptcy Attorneys
American Bar Association
National Association of Chapter 13 Trustees
Commercial Law League of America
National Association of Bankruptcy Trustees
National Association of Credit Management
United States Trustee Program
The American College of Bankruptcy
National Conference of Bankruptcy Judges

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Common Important Terms

Chapter 7 Bankruptcy. A form of bankruptcy that liquidates assets to pay off creditors.
Chapter 11 Bankruptcy. A form of bankruptcy that allows a company to reorganize its debts and continue operating.
Chapter 13 Bankruptcy. A form of bankruptcy where individuals can receive debt relief while keeping their assets.
Bankruptcy Discharge. The permanent legal release from personal liability for certain debts.
Automatic Stay. An injunction that prohibits creditors from collecting debts from individuals who have filed for bankruptcy.
Bankruptcy Trustee. A court-appointed individual responsible for managing the bankruptcy case, including collecting and liquidating assets, if necessary.
Creditor. An individual or entity to whom money is owed.
Debtor. An individual or entity who owes money to a creditor.
Exemptions. Laws that protect certain property from being taken by creditors during bankruptcy proceedings.

Frequently Asked Questions

Q1: What is a Bankruptcy Attorney? A1: A Bankruptcy Attorney is a lawyer who specializes in helping individuals or businesses navigate the complex process of filing for bankruptcy and managing their debt. Q2: How much does a Bankruptcy Attorney cost? A2: The cost of a Bankruptcy Attorney varies depending on the complexity of the case and the attorneys experience. Generally, fees range from $1,000 to $2,000 for Chapter 7 Bankruptcies and $2,000-$3,000 for Chapter 13 Bankruptcies. Q3: What types of Bankruptcy are available? A3: There are two main types of bankruptcy available: Chapter 7 and Chapter 13. Chapter 7 is a liquidation bankruptcy, while Chapter 13 is a reorganization bankruptcy. Q4: How long does it take to complete Bankruptcy proceedings? A4: The length of time it takes to complete a bankruptcy filing depends on the type of bankruptcy being filed, as well as the complexity of the case and the court's schedule. Generally, it takes between three to six months to complete a Chapter 7 Bankruptcy and three to five years to complete a Chapter 13 Bankruptcy. Q5: What is the difference between a Trustee and an Attorney? A5: A Trustee is an individual appointed by the court to oversee the bankruptcy case and ensure that creditors receive payments as required by the court. An Attorney is an individual who represents a debtor in court proceedings related to the bankruptcy filing.

Web Resources

Bankruptcy Lawyer Careers | Job Description www.lawyeredu.org
Bankruptcy Attorneys - LII Attorney Directory - Cornell University lawyers.law.cornell.edu
Bankruptcy Law: Federal Bankruptcy Law - Pace University libraryguides.law.pace.edu