what is it like being a bankrupcy lawyer

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 does a bankruptcy lawyer do?

Bankruptcy law presents endless intellectual challenges. Preference payments that are expressly permitted by state law (in California) have far different consequences in bankruptcy law. State law decisions about what the client owns are reflected in federal law. The complexity of this law, laid over the lives of real people, is fascinating and ...

What are the qualities of a good bankruptcy attorney?

What I like about being a Bankruptcy Attorney. I like the ability to help people who are hurting financially and deserve a fresh start. I enjoy being able to help the person who has been beaten down, gets up and gets beaten down again.

Do I need a lawyer to file bankruptcy?

Sep 30, 2014 · 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?

CA: What qualities make for good bankruptcy lawyers? CK: Technical excellence, ability to anticipate the behaviors of other parties in the deal, and capacity to focus on the big picture. RA: Successful bankruptcy lawyers are able to communicate well both orally and in writing. They also generally have a good grasp of the commercial aspects of a deal and are strategic-minded, as …

What is lawcrossing fact 90?

LawCrossing Fact #90: When users read the “FAQ” on our site, they will better understand how the site works, become confident in our services, and be ready to search for jobs.

Is bankruptcy a good job?

The law is complex, and because of this, there are lawyers for just about every type of problem that could ever come about. Many people find that becoming a bankruptcy attorney is a safe way to go with it still being a high-paying job that comes along with the ability to help people.

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 is a junior associate?

For large cases, the bankruptcy department may set up a team comprised of junior- and senior-level associates and partners. As associates grow more senior, their responsibilities increase and they have more direct contact with clients and adversaries.

What is bankruptcy lawyer?

Bankruptcy Lawyer. Bankruptcy is more than simply a series of hearings before a bankruptcy judge. It's a court–managed transactional process, with every transactional decision having a litigation counterpart, and vice versa.

What do bankruptcy attorneys do?

Bankruptcy attorneys provide counsel in communicating with a debtor's labor force, complying with federal and state laws, and stand on the front lines of negotiations of, and disputes about, employee severance and retention programs.

What is the role of an EEOC lawyer?

EEOC lawyers tend to serve two functions. First, they serve as in-house counsel for the investigative arm of the agency. In this capacity EEOC lawyers might take complaints or investigate claims. Second, EEOC attorneys serve as trial lawyers in federal court, prosecuting the employment cases that could not be settled by the parties voluntarily through the EEOC's conciliation process. The cases actually tried by the EEOC tend be higher profile cases and provide EEOC lawyers with the opportunity to litigate opposite some of the best private practice employment litigators in the country. Such unique litigation experiences are among the reasons that positions at the EEOC are in short supply. Another reason is that the EEOC's ability to hire lawyers is directly tied to its general budget, which must be approved by Congress.

Why do plaintiffs' firms have a sink or swim approach?

This "sink or swim" method of training is common at plaintiffs' firms which need associates to be competent litigators early on because they just don't have time to slowly train new attorneys and bring them up through the ranks. Not only do junior plaintiffs' attorneys frequently enjoy more responsibility than their counterparts at large management firms, but they also are likely to have greater client contact.

What is the focus of Chapter 11?

In Chapter 11 cases, where the debtor continues operating as a "going concern," a primary focus of the weeks before and immediately after the bankruptcy filing is negotiating "debtor–in–possession"–or DIP–financing.

How to draft a contract?

Drafting a contract is preparing the contract from the beginning–usually starting with a form and then tailoring it to fit the needs of the parties. You put down in words what the parties have agreed to in principal as best as you can so that there are no ambiguities in the future when the same parties or others read those documents. Then you or your senior associate will go back and forth with the lawyers for the other parties to revise and refine the document until all parties are comfortable signing. Negotiation of the contract involves some compromise. Once you understand what is important to your client and what they can live with or without, you try to strike the best deal for them without risking endless delay or total breakdown of the process. It's best not to spend too much time trying to hash out issues that aren't really essential to your client.

What is Chapter 7 bankruptcy?

Chapter 7 and many Chapter 11 cases revolve around asset sales, often of the entire business of the debtor. At some firms, bankruptcy attorneys work hand–in–hand with m&a attorneys in creating auctions processes (yep, you heard that–auctions, often complete with gavels) and negotiating and closing these sales; More often, the bankruptcy attorney performs all of the m&a work, including negotiating and drafting relevant purchase and ancillary agreements and overseeing the sale closings. And in all situations, it is the bankruptcy attorneys who request (and hopefully secure) the court's approval of these sales.