Keith Mack
Bankruptcy law is a federal statutory law outlined in Title 11 of the United States Code. Individuals who want to practice bankruptcy law must have a Juris Doctorate (JD) degree and be licensed to practice law in their state. The bankruptcy exemption scheme one is entitled to use depends on where they lived 730 days before filing for bankruptcy.
| Characteristics | Values |
|---|---|
| Can I practice bankruptcy law in any state? | To practice bankruptcy law, you must be licensed to practice law in your state. |
| How to determine the state law to protect your property? | The state law to protect your property is determined by where you've lived during the prior three years. |
| What is the first test to determine if you can file for bankruptcy in a particular state? | The first test is to check where you've lived for the past 180 days and the location of your assets. |
| What is the second test to determine if you can file for bankruptcy in a particular state? | The second test is to check where you've lived during the 730 days before filing for bankruptcy. |
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What You'll Learn
Bankruptcy law specialisation
Bankruptcy law is a federal statutory law outlined in Title 11 of the United States Code. It is a legal process that seeks to benefit both debtors and creditors. Bankruptcy lawyers can represent either party and their job is to advocate on behalf of their clients, whether through informal negotiations or delivering oral arguments in court.
To pursue a career in bankruptcy law, one must have a Juris Doctorate (JD) degree and be licensed to practice law in their state. It is beneficial to have excellent communication, analytical, and research skills, as well as proficiency with computers and litigation software. A course in accounting or financial accounting principles is also recommended, as understanding balance sheets and profit-and-loss statements is essential in this field.
During law school, aspiring bankruptcy lawyers should consider participating in moot court competitions to gain public speaking skills and completing a judicial clerkship with a bankruptcy judge. It is also beneficial to secure a bankruptcy law internship to gain work experience and learn from experienced attorneys.
Bankruptcy law is a growing field with increasing job opportunities. It offers a promising career path for those with the right skills and preparation. However, it is a complex and specialized area of law, and those seeking to open a bankruptcy practice upon graduation are advised to gain work experience first and build a strong understanding of the field.
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State licensing requirements
To practice bankruptcy law in a particular state, an attorney must typically be admitted to the bar of that state. This admission process usually involves graduating from an approved law school and passing a written examination in the state where one intends to practice. However, it is worth noting that some states may waive the written examination requirement for graduates of law schools within their jurisdiction.
Beyond the initial bar admission, reciprocity agreements between states allow lawyers admitted to the bar in one state to practice in another without retaking the bar exam. Nevertheless, these lawyers are still expected to meet the receiving state's standards of good character and legal experience. Additionally, they must adhere to the specific rules and regulations governing the practice of law in that state.
While bankruptcy law is a federal practice, each state has its own rules and regulations regarding professional licensing and bankruptcy. For example, lawyers practising bankruptcy law may encounter restrictions on handling client funds in trust accounts during bankruptcy cases. Therefore, it is crucial for practitioners to familiarise themselves with the specific requirements and guidelines of the state in which they intend to practice.
In addition to state licensing requirements, bankruptcy lawyers should strive for continuous professional development. The American Board of Certification offers voluntary certifications in business bankruptcy, consumer bankruptcy, and creditors' rights law. The National Board of Trial Advocacy also provides voluntary board certification in various areas, including civil trial law and civil practice advocacy. Obtaining these certifications enhances a lawyer's expertise and reputation in the field of bankruptcy law.
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Bankruptcy law education
Bankruptcy law is a growing field with a rising number of job opportunities. It is a complex and specialised area of law that requires a blend of transactional work and litigation skills. Bankruptcy lawyers must be adept at negotiation, have excellent writing skills, and strong oral advocacy skills.
Bankruptcy law governs the obligations and rights of creditors and debtors. It allows debtors who are unable to pay their creditors to resolve their debts by dividing their remaining assets among the creditors. Bankruptcy lawyers may represent either creditors or debtors. They guide their clients through the statutory framework and provide them with relief from their lenders.
Aspiring bankruptcy lawyers should consider completing a judicial clerkship with a bankruptcy judge. They should also look for law schools that offer courses like "Accounting for Lawyers", as understanding financial statements is essential in this field. A trial law class is beneficial, as it allows students to cultivate the litigation skills they will need if they become bankruptcy attorneys. Other experts suggest participating in moot court competitions to gain public speaking skills. During law school, it is also recommended that students secure a bankruptcy law internship to get work experience and learn from experienced attorneys.
Law schools like UCLA and the University of Wisconsin offer courses in bankruptcy law. The University of Wisconsin Law School also offers externships for academic credit at the Chicago, Madison, or Milwaukee office of the U.S. Trustee. Second and third-year students can also obtain academic credit for working in a judge's chambers through the Judicial Intern clinical program, with placements available with U.S. Bankruptcy judges.
There are also a number of online resources for attorneys who want to learn more about practicing bankruptcy law, including webinars, ebooks, and association resources. The U.S. Bankruptcy Code outlines the entire legal process and covers how the different bankruptcy chapters work. The American Bankruptcy Institute (ABI) is one such organisation that offers online courses to expand knowledge in this field.
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Bankruptcy law internships
Bankruptcy law is a complex and specialised area of law. It involves a combination of strategy and empathy, requiring a mix of legal writing skills and oratory ability. Bankruptcy lawyers can represent either creditors or debtors and their job is to advocate effectively on behalf of their clients.
For example, the New York City Law Department's Tax and Bankruptcy Litigation Division offers a Summer Honors Internship Program. Interns in this program draft parts of memoranda of law or entire briefs, depending on the issues involved in a case. They also research issues dealing with bankruptcy, real property tax, real property valuation, condemnation, and excise taxes. Interns are encouraged to accompany the Division's attorneys to court and may assist in trial preparation. The Law Department selects around 50 interns from over 2,500 applications each year, and many of its entry-level attorney positions are filled by former interns.
Another example of a bankruptcy law internship is a judicial clerkship with a bankruptcy judge. This can provide valuable experience and connections in the field. Additionally, moot court competitions can be a great way to gain public speaking skills, which are essential for bankruptcy lawyers.
Overall, bankruptcy law internships offer a valuable opportunity to gain hands-on experience and learn about the complex and varied nature of bankruptcy law.
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Bankruptcy law job market
Bankruptcy law is a growing field with a stable job market. Lawyers practicing bankruptcy law will always be in business as long as there are people with financial liabilities in the world. With the US citizens' combined debt of $14.6 trillion at the end of 2020 and predictions indicating a continuous rise in this number, bankruptcy law experts are in high demand.
The job market for bankruptcy lawyers is further strengthened by the fact that bankruptcy is a specialized and complex area of law. Bankruptcy law is about equity, balancing the rights of consumers to receive relief and the rights of creditors to receive their payments. It requires a unique combination of strategy and empathy, legal writing skills, oratory ability, creative problem-solving, financial literacy, and the ability to compromise.
The work schedule of a bankruptcy attorney varies depending on their place of employment. In modestly-sized law firms, a typical weekly work quota may not exceed 40 hours, while in large corporate bankruptcy law firms, one may work for 50 or even 60 hours, including weekends. Bankruptcy cases tend to move quickly through the court system, so bankruptcy attorneys rarely have a slow day, and no two cases are the same.
The job market for bankruptcy lawyers is further influenced by economic conditions. Law firms are known for their ability to anticipate economic trends, and recent indicators such as a sluggish labor market and consumer spending have led to increased hiring of bankruptcy attorneys in anticipation of a potential economic downturn and a corresponding uptick in bankruptcies.
For aspiring bankruptcy lawyers, it is essential to gain relevant education, experience, and connections. Law school courses in "accounting for lawyers" and trial law are beneficial, as are internships, moot court competitions, and judicial clerkships with bankruptcy judges. Additionally, understanding the rules of bankruptcy procedure, bankruptcy software, and the various types of bankruptcy (such as Chapter 7 and Chapter 13) is crucial.
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Frequently asked questions
No, you must be licensed to practice law in the state in which you wish to practice bankruptcy law.
You must have a Juris Doctorate (JD) degree and be licensed to practice law in your state. It is also beneficial to have excellent communication, analytical, and research skills, as well as knowledge of bankruptcy laws, financial accounting principles, and proficiency with litigation software.
You should consider the state's bankruptcy exemption laws, as these vary between states and will impact the protection of your property. The state you choose will depend on where you have lived for the past 730 days (2 years) and 180 days (6 months) before filing for bankruptcy.
