Bankruptcy Law

Helping clients in times of economic difficulties is the job of Bankruptcy Lawyers. They mainly help clients with court proceedings to reduce or eliminate debt by liquidating assets or guide them on how to move on with the bankruptcy proceedings. They can represent the debtor or the creditor.

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KEY SKILLS

  • Analytical

  • Proficiency in Math

  • Statistics

  • Accounting

  • Transactional Skills

  • Conceptual Clarity

  • Strong Work Ethics

  • Oral and Written Communication

  • Well informed on Government Regulations

  • Legal Codes

  • Critical thinking

  • Problem Solving

  • Interpersonal Skills

  • Auditing of pertinent financial information

  • Detail Oriented

PROS

  • It is a very well paying job

  • It deals with so many diverse subjects, you can always have one foot in bankruptcy and the other foot in whichever field you want. Eg: Environmental and Bankruptcy

  • You stay abreast with current developments

  • It poses new challenges every day with complex cases and thus giving you the satisfaction of doing something substantial

  • It is a reward-based experimental learning

  • There are a variety of cases

CONS

  • It is highly competitive

  • It constitutes several fields such as assets, acquisitions etc and thus could be very vast

  • Prolonged working hours It could get too technical and detail-oriented

  • A solid foundation of accounting is needed alongwith analytical reasoning

  • Filing for Bankruptcy is a tedious and emotional undertaking

OPPORTUNITY TYPES

GOT WHAT IT TAKES?

  • Litigation

  • Firms

  • Non-governmental Organisations

  • Advisors

  • Corporate Entities

  • Commercial Practice

  • Bank Representation

  • Individual Creditors

  • Bankruptcy Trustee


  • You can focus on one thing with utmost determination

  • You have a knack for numbers

  • You like to take up challenges

  • You like to surround yourself with paperwork

  • You are ruthless when it comes to making a point

KEY OPPORTUNITIES

Books

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Networking Groups

Interesting Facts about the career

  • A Judge Decides Your Fate: That's right, your bankruptcy case is actually brought before a judge and must be filed in federal court. On the bright side, bankruptcy laws are pretty uniform throughout the country, but on the downside, you can’t just file a couple of papers and be done with the whole process.

  • Creditors can force you to go bankrupt: If your debts are high enough, creditors can petition the court and ask a judge to declare you bankrupt. If the judge complies with the request, you can be put on a court mandated payment plan.

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