Bankruptcy lawyers are very much needed especially during trying economic times. It is during these times that people have the need to file for bankruptcy because the unemployment and home for closure rates increase. The main focus of this type of lawyer is to provide assistance to clients in need of eliminating their debt or proceed to announcing a bankruptcy.
The range of their clients includes individual debtors, corporate debtors, corporate creditors, individual creditor, etc. Long hours are every lawyer’s biggest enemy at work but with bankruptcy lawyers, it extends to weekends too. They have to accommodate their client’s schedule and most are just available during the weekends. They can hold meetings at offices, houses, libraries – anywhere that’s convenient for the client.
To become a bankruptcy lawyer, a current attorney license as well as a juris doctorate is needed. For aspiring students who want to pursue this career path, they would need to complete their course at any prestigious law school first. They would need to take up courses such as creditor’s rights, income taxation and other bankruptcy-related courses. Although fresh graduates are always welcome to apply, those who have experience will have an advantage.
Furthermore, students may boost up their credentials by taking up a master’s of law program in bankruptcy especially if they have a J.D. already. This course only takes 12 months to complete and is highly recommended if they really want to specialize in the field. They are encouraged to join professional organizations to show their dedication and commitment to the practice.
Salary and Job Outlook
For a bankruptcy lawyers, the average salary is around $113,000 per year. However, a number of factors may affect their earnings. Take for example, working for either a private or public sector may make a significant difference on the salary. It also depends on their workplace as some receive higher pay than their colleagues – legal departments of large banks, credit card companies, public interest organizations and many more. So far, those who work for private sectors are paid higher than those who do not.
Due to the current decline in the economy, the need for bankruptcy lawyers has increased. People joke about how these people are the only ones not losing their job. Moreover, their caseloads have increased tremendously which leads to more job openings. But the competition remains really tight due to the inflow of law school graduates into the job market.