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The bankruptcy laws have changed since October 17, 2005, making it harder for individuals to file for a Chapter Seven or Chapter 13 bankruptcy. Not only did the requirements change, but the filing fees were increased. Before the new bankruptcy laws went into effect, individuals were not steered towards any kind of debt management or counseling to help with a possible repeat of filing again. Many bankruptcy attorneys have seen a decrease in activity. The week before the laws were changed there were many filings made in order to beat the deadline, a true sign of a society needing to purge itself of unwanted debt. Since then, credit card companies have noted an increase in raised interest rates to combat the losses they took during that time. Bankruptcy attorney jobs are unique — they are part accountants and part counselors to those who choose to file a Chapter Seven or Chapter 13 bankruptcy. Seven and 13 are personal bankruptcies, while Chapter 11 bankruptcy is a business or corporate restructuring of debt.
The vocation of bankruptcy attorneys is one of the most in demand these days. Their job is to deal with issues relating to insolvency when businesses, corporations, and individuals are declared incapable of meeting the monetary needs of their creditors. However, there are particular areas of expertise you need to focus on in order to be a bankruptcy attorney.
What is the uniform of a bankruptcy lawyer? The rolled-up sleeves of the litigator, poring over case reporters? The broad pinstripes and wide lapels of the M&A bigwig, twisting arms in the boardroom? Or the glen plaid suit and tasteful pocket handkerchief of the gentleman bank counsel?