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Bankruptcy attorneys or bankruptcy lawyers are people who specialize in the legal procedure through which businesses, corporations, and individuals are declared insolvent as well as financially incapable of paying creditors. Today, bankruptcy law is one of the most in demand areas of practice in the legal arena with law firms all over the country expanding their restructuring and bankruptcy practices, especially in these turbulent times where, companies and organizations are applying in larger numbers for bankruptcy.
Responsibilities of Bankruptcy Attorneys
If you are an attorney specializing in bankruptcy law, you may work in various kinds of positions, representing businesses or individuals who are filing for bankruptcy. In fact, a bankruptcy lawyer also represents creditors who are looking for payment from defaulting companies or organization. The attorney can also work as business advisors dealing in financial restructuring or liquidation issues on behalf of corporations that intend to purchase failing businesses for purposes of investment. Every position requires the services of a bankruptcy attorney for researching the purport of the law or a relevant judicial decision for applying to the respective cases.
Requirements
The educational qualifications of a bankruptcy attorney are similar to that of any lawyer. A lawyer is required to hold a bachelor's degree in law from an accredited law school or institution. Examples of the same are listed below:
- Strayer Online University
- Strayer University
- University of Phoenix
- Penn Foster College
- AIU Online
The first step is to gain an undergraduate college degree, preferably in pre-law. Then you need to prepare for the LSAT (Law School Admission Test). Depending on the scores of the test and your GPA (Grade Point Average), apply for law schools. After three years of law school, complete your internship with a respectable law firm specializing in bankruptcy services.
For practicing law in most of the states, lawyers should have a Juris Doctorate or JD degree and are required to pass a written bar examination or other ethics examinations. There are additional requirements stipulated by agencies and courts for bankruptcy attorneys. At times, the private firms may ask for work experience or additional degrees.
Employment Outlook
The employment outlook for bankruptcy attorneys is extremely good in today's times. The United States Bureau of Labor Statistics states that generally lawyers start with salaried positions in law firms. These graduates usually start as legal associates or apprentices for gaining experience with senior lawyers. After practicing for a couple of years, a few lawyers may be offered to partner the firms of more established bankruptcy lawyers. On the other hand, other bankruptcy lawyers may seek opportunities in the private sector for becoming legal advisors or offer legal counsel to non profit organizations or corporate houses.
Salaries
The median annual salaries of bankruptcy lawyers according to the statistics of 2006 were around $102,470, compared with those in the mid levels earning between $69,910 and $145,600, although salaries depend on location, type, and size of the employer.
Conclusion
Bankruptcy law is a relatively stable area of legal practice irrespective of whether the state of the economy is healthy or otherwise. Moreover, the prospects are good no matter if you are dealing with personal filings or issues relating to the corporate sector. In fact, it may be summarized that the need for bankruptcy attorneys both on the side of the debtor as well as the creditor is likely to increase with the rise in the default rates of mortgage and consumer loans.
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