what is it like to be a bankruptcy attorney

A bankruptcy lawyer specializes in giving legal advice to a client about bankruptcy, prepares legal documents for the client and represents the client in court. An attorney must hold a law degree and be licensed in the state where they do business. As your guide through the bankruptcy process, a lawyer can advise you about matters such as:

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What makes a good bankruptcy lawyer?

 · A bankruptcy lawyer needs strong oral advocacy skills. "Advocacy skills are important in any area of law, but especially important in bankruptcy law," explains Barry Gay. "Bankruptcy is a form of litigation," says Sherry Stern. "Bankruptcy attorneys are in court all the time. You need to be comfortable in a courtroom.

What does it take to become a bankruptcy attorney?

 · A typical day can include the review or drafting of briefs or other pleadings, an analysis of a credit agreement or capital structure of a company, calls or meetings with restructuring financial advisors (who are involved in almost every case), and internal meetings. This is a practice area that rewards creative, out-of-the box thinking, and it ...

How to interview a bankruptcy lawyer for a job?

 · The employment outlook for bankruptcy attorneys is good, which is excellent news for law students. In 2006, the median salary was $102,470, but of course, pay depends on the employer: firms, non ...

What is a typical day like for a bankruptcy attorney?

 · A great bankruptcy lawyer can intervene during this state of crisis and provide level-headed legal guidance based on an understanding of the many complex statutes that govern bankruptcies. The work...

How to be a successful bankruptcy attorney?

To be a successful bankruptcy attorney, you need to be a “jack-of-all-trades”—that is, you may negotiate with creditors to keep a business going, create employee retention packages, and go to court to litigate issues. You’ll also serve as a “rescue worker” who assists companies and individuals in their most desperate times of need.

How many hours do bankruptcy attorneys work?

Often, these attorneys are required to bill over 50 hours per week (so they must work a minimum of 60 hours per week). This means the attorneys must work on evenings and weekends. Right before a filing, attorneys can easily work up to 80 hours per week.

What about other attorneys?

What about other attorneys? A couple of associates gave us insight into their typical days. A third year associate in New York arrives to the office around 9:20, scans the news for bankruptcy headlines, and drafts motions for his cases. He also has to handle automatic stays in and the issues that arise from them, such as state court litigation actions. At the end of the day, he receives a fax on another case from opposing counsel. The deadline is that day and the other attorney has faxed a document at 6:00 p.m. The associate works on a response until 11:00 p.m. and calls it a night.

What is Chapter 7 bankruptcy?

In addition to Chapter 11 filings, there are also bankruptcy cases that are filed under Chapter 7. Instead of reorganizing as in Chapter 11, Chapter 7 filings shut down a debtor and liquidate all assets. The Office of the U.S. Trustee appoints a Chapter 7 trustee to wind down the business, which includes liquidating assets and distributing their proceeds to different creditors.

What is the importance of bankruptcy?

As a bankruptcy attorney, it is of utmost importance that you have a reputation for honesty and integrity, especially since you will be working with a lot of the same attorneys and judges, since the bankruptcy bar is not a large one. You must know and be familiar with the code of professional responsibility in your jurisdiction. To ensure that you keep a sterling reputation, be sure that you are clear in your communications when you get assignments, and keep your clients informed of the entire case process—even when things don’t go their way.

When did bankruptcy start?

Bankruptcy law actually dates all the way back to the Roman Empire, with modern statutes dating back to the sixteenth century. These laws were very favorable to creditors in the past, but as time went on, the laws shifted to better protect debtors.

What is the role of a bankruptcy lawyer?

A great bankruptcy lawyer can intervene during this state of crisis and provide level-headed legal guidance based on an understanding of the many complex statutes that govern bankruptcies. The work involves a combination of strategy and empathy and requires a mix of legal writing skills and oratory ability, experts say.

Why do you need to consult an attorney for bankruptcy?

Since each measure significantly changed federal bankruptcy laws, individuals or organizations may decide to consult an attorney so that they can get expert advice on the new rules.

Will bankruptcy attorneys anticipate a influx of business in the near future?

Bankruptcy attorneys anticipate a giant influx of business in the near future for a variety of reasons.

How much do restructuring attorneys make?

According to LawCrossing.com, a legal job website, the average annual salary among U.S. financial restructuring attorneys is about $118,000, and salaries in major metropolitan areas are significantly higher.

Why does Lopez Castro negotiate with creditors?

She sometimes negotiates deals between debtors and creditors wherein the debtor no longer needs to file for bankruptcy because she convinces creditors that they can get a better deal out of court than in court.

Why do you need a trial law class?

A trial law class is also beneficial, since it allows J.D. students to cultivate litigation skills they will need if they become bankruptcy attorneys, Carson says. Other experts suggest that future bankruptcy lawyers should participate in moot court competitions to gain public speaking skills.

Is law school challenging?

Law school is challenging enough on its own. Before taking on a job, consider these five questions.

What are the problems with being a lawyer?

Common problems include criminal convictions, accusations of plagiarism in college, and financial irresponsibility (such as bankruptcy).

How to get a job in law school?

Apply to law firms. Some law firms will come to your campus and interview students. They will hire you to work during the summer as a summer associate. If they like you, they will extend an offer to join the firm full-time once you graduate. These tend to be the larger firms in your area. If you are interested in finding a job this way, you will have to start in law school.

How to find clerkships in law school?

Talk to your law school’s career counseling office. They may have a staff member who helps students find clerkships.

How often is the bar exam offered?

The bar exam is typically offered twice a year, in the winter and summer. You should plan well in advance.

How to practice law in Florida?

If you want to practice in Florida, then you need Florida’s bar to admit you, which means you will have to take and pass their bar exam. Accordingly, you should pick which state you want to practice in.

Do your grades matter in law school?

Do well in your classes. Grades matter in the legal profession. Over time, your grades will matter less. However, if you want to work for a law firm right out of law school, then you need to do as well as you can in your first-year classes.

How to gauge likelihood of being admitted to a law school?

This is helpful, because you can gauge your likelihood of being admitted to a school simply by comparing your numbers to those of the admitted class. You can then send the bulk of your applications to law schools where you have a 50% or greater chance of admission.

What is a bankruptcy associate?

RA: Bankruptcy and restructuring associates do a variety of work depending on the nature of the matter and the level of experience of the associate. An associate may: assist with the drafting of transactional documents, such as the bankruptcy-related provisions in a 363 purchase and sale agreement, an intercreditor agreement or a debtor-in-possession financing credit agreement; appear in bankruptcy court before a judge; work with financial advisers on a valuation analysis or other Chapter 11 plan-related documents; conduct legal research on discrete issues, or draft legal memoranda or briefs; or participate on conference calls answering questions from clients or adversaries.

What is bankruptcy in business?

Rashida Adams, associate: The term “bankruptcy” is the statutory procedure by which a troubled business obtains financial relief and undergoes a judicially supervised reorganization or liquidation of its assets for the benefit of its creditors. A distressed company may also obtain similar relief by reaching an agreement with its creditors ...

What courses are required for bankruptcy?

RA: Courses such as secured transactions, accounting, contract drafting and corporations will also help you learn fundamental skills and knowledge necessary to be a successful bankruptcy practitioner.

What do bankruptcy attorneys do?

Bankruptcy attorneys may be called on to address corporate, tax, environmental, employment, real estate, finance, securities, class actions and litigation issues in the bankruptcy case. Most large firms have separate departments to address these issues, but a medium to small firm may have only a few limited practice groups. Therefore, bankruptcy attorneys will need to know these areas as well as general bankruptcy law. Regardless of whether a firm has separate specialty counsel, bankruptcy attorneys need to understand these issues in order to effectively represent their clients in the proceeding.

What does a junior bankruptcy associate do?

Generally, a junior bankruptcy associate will: Prepare and review court filings (petitions, statements of financial affairs, schedules of assets and liabilities, and all types of motions such as use of cash collateral and relief from the automatic stay). Draft responses to motions and other filings.

How fast is bankruptcy?

Bankruptcy is extremely fast-paced. Cases generally move very swiftly through the courts. Motions are heard by order to show cause or on shortened notice (depending on local rules). Some reorganizations of major corporations have been accomplished in less than a matter of months.

Who are adversaries in bankruptcy?

In bankruptcy, depending on the client, adversaries may include the debtor; creditors’ committee; secured, unsecured or priority creditors; the United States Trustee; and other parties in interest that may oppose the relief sought on behalf of the client or are seeking relief to which the client objected.

Is bankruptcy a typical day?

Bankruptcy is a very diverse practice area so there is no typical day. Each bankruptcy case presents different challenges and tasks, which are heavily impacted by whether an attorney represents the debtor or a creditor, and among creditors, whether the attorney represents those holding secured, unsecured or priority claims.

What is the biggest pet peeve of bankruptcy lawyers?

The largest pet peeve among bankruptcy lawyers is the failure of some lawyers to know and follow correct procedures. Most bankruptcy lawyers know the law, but are unfamiliar with procedures. Attorneys also dislike when adversaries seek emergent relief when it is not necessary or set unreasonable response or hearing dates.

What is a motion in bankruptcy?

Most bankruptcy motions are fact sensitive and therefore tend to vary by the parties involved. Bankruptcy attorneys must craft the motion or objection by applying the law to the facts of each case.

What does it mean to be a lawyer?

Being a lawyer means being a writer. Just when you thought those law school papers were done, that's not quite the case. "I'm a litigator, which can be a bit like writing a term paper every night for the rest of your life," Devereux says.

What are the common problems lawyers face?

Burnout, stress, and depression are incredibly common among lawyers. Make sure you take advantage of mental health days, vacation days, and sick days, and if you're truly struggling (or your colleagues are), consult a mental health practitioner. 15. You probably won't be rich.

Can a lawyer see the courtroom?

Some lawyers may never see the inside of a courtroom, first of all, and discerning what kind of law suits you is a more complex process. Whether you're applying to law school, trying to pass the bar exam, or just got a job with a firm, you need to know what's coming.

Is corporate law a long night?

Corporate law involves some long nights at the office at some points for sure, like during big closings or deadlines, says Jamie, but it's not like that all the time. "It was on you as the associate to get your work done, unless there was a reason to be there late, or a deadline to meet," she says.

Do lawyers work a lot?

" Lawyers work a lot of hours, and clients can have issues requiring your attention at any time, regardless of whether it's a weekend, holiday, or during your vacation. And, thanks to technology, you can and will be expected to respond and perform the work from wherever you are as soon as humanly possible," Devereux says. This is just kind of the reality for some types of law. Also, certain seasons are specifically busy (for example, if you're a tax attorney).

Can you make a partner?

It's not easy to make partner (or become a part-owner of a firm instead of an employee), even if you're a top performer. "In my experience, most people I worked with did not make partner," Jamie says. Often, it's worth it to leave and go to another firm to get to that level, she admits.

Who developed the bar exam?

" Here’s the thing. The bar exam—like most academic exams in our country—was first developed by white, affluent, powerful men (a.k.a. the patriarchy) who very much wanted to retain their power," Rodgers says. While the exam and its policies have changed slightly over the years, it's still going to be a challenge to pass.

How much does it cost to file for bankruptcy?

Ask the attorney how much you will have to pay, in total. The court charges filing fees (currently $338 to file a Chapter 7 case and $313 to file for Chapter 13 bankruptcy; $335 and $310 respectively until December 1, 2020). You'll pay additional costs, such as administrative fees to the trustee in your Chapter 13 plan.

What are the exemptions for Chapter 7 bankruptcy?

Typical bankruptcy exemptions include some or all of the equity in your home, a car, your clothing, household furnishings, and the tools of your trade; to find out more about exemptions and look at the exemption list in your state, see In exchange, your debts will be discharged (wiped out), except for some types of debt that can't be discharged in bankruptcy, such as back taxes, child support, and student loans (in most situations).

Do you pay fees for Chapter 13?

You'll pay additional costs, such as administrative fees to the trustee in your Chapter 13 plan. And of course, the attorney will charge you a fee to handle the case. The attorney will tell you what your fees will cover and how future services will be paid going forward.

Do you have to give up your property in Chapter 13?

In Chapter 13, you don't have to give up any of your property. However, you must enter into a three- to five-year repayment plan to pay back some or all of your debts.

Can you use Chapter 7 or Chapter 13?

This requirement -- called the means test -- is intended to force filers who can afford Chapter 13 to use it. When you talk to a bankruptcy attorney, the attorney should be able to tell you whether you can use Chapter 7. If you can choose between Chapter 7 and Chapter 13, the lawyer should explain the pros and cons of filing each chapter.

Can you file a Chapter 7 case after paying retainer?

You can anticipate a Chapter 7 case to be filed shortly after you pay the entire retainer amount. Chapter 7 lawyers require full payment to avoid having the balance owed discharged, making it uncollectable. By contrast, most filers pay less than the agreed amount to start a Chapter 13 case and pay the remainder through the repayment plan.