how to be a bankruptcy attorney

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What Does a Bankruptcy Attorney Do?

Bankruptcy attorneys help debtors file for bankruptcy, understand the legal proceedings surrounding bankruptcy, and manage their court petitions. Most bankruptcy attorneys focus on Chapter 7 and Chapter 13 bankruptcies, which are the most common types of bankruptcy filings. They involve liquidation and wage earner plans.

How Can I Become a Bankruptcy Attorney?

To become a bankruptcy attorney, you must earn a bachelor's degree. Acceptable majors vary, though many aspiring lawyers earn degrees in history, English, business, philosophy, political science, or economics. Then you need to get high scores on the LSAT and complete law school.

What is the role of finance lawyers in Chapter 11?

Ali Kelly, meanwhile, emphasizes that “ finance lawyers play a huge role in a Chapter 11, in critical elements of the case: the DIP (Debtor in Possession) loan when you go in, and exit loan when you go out. Many people working for larger firms are listed as finance lawyers, but they mainly do DIP loans.

What is BRR lawyer?

BRR lawyers navigate court proceedings, while also deal-making at breakneck speed, selling off assets, and striking agreements between creditors and debtors. A former BRR lawyer himself, Whistler’s Mat Martin "loves working with BRR attorneys because there is no artifice.

Do BRR attorneys play games?

There are no games: BRR attorneys have to work quickly and efficiently to triage and resolve problems in the hope of saving the business. This straightforward approach leads to mutual respect between attorneys and an incredibly high level of candor, mentorship, and collegiality within the BRR bar.”.

Is bankruptcy a divorce?

Bankruptcy attorneys are not the business equivalent of divorce attorneys. As a bankruptcy lawyer, you might need to prove that you are better qualified than attorneys in other practices for the broad role of a general counsel. “The key is knowing how to sell yourself,” says Ali Kelly.

Will banks become more aggressive after forbearance agreements expire?

It is not difficult to speculate that once forbearance agreements and principal deferrals expire, banks will become more aggressive.”. Bankruptcies will follow, according to Robert Dakis, formerly a bankruptcy partner at a New York firm, now GC at Churchill Real Estate.

Can a business hire a bankruptcy lawyer?

Unfortunately though, many businesses just can’t get their head around recruiting a bankruptcy lawyer. “It was admittedly an obstacle I had to overcome. They think ‘Why do I want a bankruptcy lawyer running my business?’ So change the way they see it,” says Gorman.Ali Kelly’s rebuttal is that “during a Chapter 11 you are effectively functioning as outside general counsel. You see any contract there is: you have a hand in vendor agreements, supplier contracts, customer contracts, and leases. Whether it’s in Chapter 11 or not, it doesn’t matter, you work to get the best terms you can. And all the time you’re weighing the need to bring in experts to advise you. For me that made it a seamless transition to in-house.”

Can debtor side lawyers sell solutions?

There’s a creative hue to the work too. “Debtor-side you can sell solutions to banks that aren’t cookie-cutter,” says Silverman. “For example rewriting debt into performing notes and hope notes.” Creditor-side lawyers meanwhile, benefit from “taking the wheel and steering things,” says Robert Dakis. “ The debtors have to react, and you keep coming at them with strategies. The secured creditors drive the bus; they’re going to get their collateral one way or another.”