Choosing what area of law to specialize in is often a difficult decision to make for law students. But for those leaning toward specializing in bankruptcy law, early preparation and understanding of what the practice entails is key to what could prove a promising career in that field.
Probably the best way to understand the various roles of a bankruptcy lawyer is to walk through a sample Chapter 11 process, exploring its various twists and turns, from pre-filing to plan confirmation. This section focuses on a corporate Chapter 11 proceeding, as opposed to the alternative corporate process, a Chapter 7 liquidation.
Bankruptcy law provides a multitude of options for the aspiring bankruptcy ace. First, there's the basic choice between corporate and consumer bankruptcies. Then the decision to specialize, or at least slant, your practice towards a particular aspect. Within each of these categories lies further sub¬groups, based on the nature of the client, the type of work performed, the size of the firm, and so on.