Bankruptcy law is a very diverse practice and no two days will look alike. In these trying economic times, there is no shortage of clients when it comes to bankruptcy cases. Every bankruptcy case will look different from the next and each will pose different challenges for the lawyer presiding over it.
Defining Bankruptcy Law
Bankruptcy is a legal procedure that is pursued by individuals or businesses who find themselves unable to pay their debts. People in this position reach out to lawyers whose focus is on bankruptcy to help them have their debts discharged or reorganized.
A Day in the Life
Bankruptcy lawyers will have days both in and out of the courtroom. When they’re in the office, they’ll be working with their clients one-on-one, counselling them about the intricacies of bankruptcy law and helping them to find ways to reduce their debt load.
In the courtroom, they may have to present debt reorganization plans to the court. The goal of a bankruptcy lawyer is to find ways to guide their clients away from having to declare full bankruptcy.
Lawyers who work in bankruptcy will need to have an in-depth knowledge of the federal bankruptcy code. They will need to have skills in both litigation and transaction. Bankruptcy lawyers should have negotiation and communication skills, especially considering how complicated the law can be when it comes to bankruptcy.
Education for Bankruptcy Lawyers
Before one can specialize in a certain type of law, students must obtain a four-year bachelor’s degree. The bachelor’s degree can be in any arena, but many aspiring lawyers choose to pursue degrees in political science. Potential bankruptcy students might also benefit from a degree in economics. The next step is to be accepted into law school.
It is imperative that aspiring lawyers attend a school that is accredited by the American Bar Association.
Prior to being admitted to law school in the United States or Canada, one must pass the LSAT (Law School Admissions Test). This exam is designed to assess the necessary skills needed to succeed in law schools such as analytical and logical reasoning and reading comprehension. Law school admissions will look at both your LSAT scores and your undergraduate GPA when choosing whether or not to admit you.
Many law schools provide students with the chance to enrol in classes specifically on bankruptcy law which will give students the chance to learn more about the field. Other classes students interested in this arena of law should take include consumer finance and tax law in order to hone the skills necessary for this career path.
Some schools have bankruptcy clinics and internships that will give students the chance to work in a hands-on position.
The completion of intensive schooling, the writing of exams and law essay help potential lawyers achieve all of the necessary skills and education to succeed as a bankruptcy lawyer.
Bankruptcy law can be a rewarding pathway for practising and potential lawyers. Ensuring you have equipped yourself with the most thorough education can be your best bet for getting your practice off the ground.