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How to Become a Bankruptcy Lawyer

Bankruptcy is when an individual or organization legally declares that they are unable to pay off debt. Bankruptcy lawyers are specially trained law professionals that help people deal with bankruptcy and its legal obligations.

What does a bankruptcy lawyer do?

Bankruptcy lawyers provide assistance to their clients and guide them through the bankruptcy process in consumer or business bankruptcy courts. They meet with clients and obtain a great deal of information to gain a solid understanding of the details of cases and they file the appropriate legal documents. They provide advice about the necessary actions and present cases in courts. Bankruptcy lawyers also attend a Meeting of Creditors, which is a meeting that is held at bankruptcy courts and is an essential part of the bankruptcy process. Bankruptcy lawyers often complete a great deal of research because bankruptcy laws are often changing.

What kind of training does a bankruptcy lawyer need?

Bankruptcy lawyers must have a bachelor degree and then receive a passing score on the Law School Admission Test (LSAT) to be admitted into law school. Law school provides intensive classroom and hands-on instruction. Prospective bankruptcy lawyers typically complete courses in commercial law, negotiation and mediation, intellectual property law, law ethics, and bankruptcy procedures. Many law schools require students to complete internships. Many aspiring bankruptcy lawyers complete internships at law firms that specialize in bankruptcy to establish valuable contacts and improve their chances of being hired after graduation. All states require bankruptcy lawyers to pass the written bar examination and become licensed. Bankruptcy lawyers must complete regular continuing legal education throughout their careers to maintain their licenses, keep their skills up to date, and stay abreast with advancements in the field.

What are the prospects for a career as a bankruptcy lawyer?

Employment of all lawyers, including bankruptcy lawyers is expected to grow about as fast as average for all professions, increasing 13% from 2008 to 2018 (1). The growing population and increase in new businesses will lead to more bankruptcies and in result create job growth of bankruptcy lawyers.

Job prospects should be good with keen competition. Bankruptcy lawyers with excellent academic records and extensive experience will have the best job opportunities.

How much do bankruptcy lawyers make?

As of January 2010, the average annual salary for bankruptcy lawyers is $61,000; average annual bankruptcy lawyer salaries vary greatly on location, employer, education, experience, and benefits (2).

A career as a bankruptcy lawyer is a great choice for individuals with a strong interest in bankruptcy law and representing a variety of individuals and organizations. Bankruptcy must have strong transaction and litigation skills. Perseverance, analytical thinking, good negotiation skills, and good problem solving skills are essential characteristics. Bankruptcy lawyers must have excellent communication and interpersonal skills and the ability to simply explain bankruptcy procedures to their clients. They must also be able to analyze complex cases and make quick and effective decisions under stress and pressure.

Now what? The next step is easy!

Take the first step today and request free information from our selected top online law and criminal justice schools,or simply use the form below to find the program that is right for you!

(1) SOURCE: Bureau of Labor Statistics, Occupational Outlook Handbook, 2010-2011 Edition.
(2) SOURCE: SimplyHired.com, Simply Salary