Bankruptcy Lawyer

Anada What is bankruptcy law? Bankruptcy laws focus 

on helping people settle and repay their debts after heavy losses. The United States had bankruptcy laws dating back to the early 1800s. However, the first voluntary bankruptcy laws were authorized by the Acts of 1841 and 1867. These laws, along with the Bankruptcy Act of 1898, also called the Nelson Act, are the basis for our modern debtor/creditor relationship system. It is commonly heard that a person in a bad financial situation can "declare bankruptcy". But what does it actually mean? What laws govern bankruptcy proceedings in the United States and how do attorneys participate in the process? Bankruptcy law isn't always the first career path law students think of, but it can be quite exciting and fulfilling. This article will explore bankruptcy law and the role of bankruptcy attorneys. 5 Where does bankruptcy law come from? The federal bankruptcy laws, which govern nearly all bankruptcy proceedings, are statutory laws set forth in Title 11 of the United States Code. Since one code governs all bankruptcy proceedings in the country, this area of law tends to be very uniform and specific. In fact, many bankruptcy lawyers find this area of practice enjoyable for this very reason: Often the answer they're looking for is spelled out directly in the code itself. In particular, there are three general types of bankruptcy proceedings. Chapter 7 of the Code applies to individual petitions, while Chapter 11 proceedings are filed by businesses. Finally, Chapter 13 proceedings govern wage earners; Petitions under this chapter ask the court for more time to allow a debtor to repay their debt by earning a steady income. What do bankruptcy lawyers do? Bankruptcy lawyers can act on behalf of debtors (individuals or businesses that owe debts) or creditors (individuals or entities that owe debts). In bankruptcy proceedings, the ultimate goal is to benefit both debtors and creditors by allowing creditors to be satisfied. Bankruptcy lawyers on both sides of the equation work to facilitate this goal. On a typical day, an attorney working on a bankruptcy case may draft motions and pleadings to file with the court, as well as draft responses to motions and other documents. Bankruptcy lawyers engage in and review discovery documents and discuss the best way to negotiate with clients and opponents. Courts will hear petitions filed in bankruptcy cases and lawyers must be prepared to discuss them. However, young bankruptcy attorneys may not always come to court to argue these motions—a practice often left to more experienced attorneys. The type of work that a bankruptcy attorney does also requires a variety of skills. Bankruptcy lawyers must have a deep understanding of the bankruptcy code, as well as excellent legal research and writing skills. Lawyers in this field must be prepared to communicate with clients, as well as negotiate with adversaries in pending litigation, so strong "people skills" are required. Finally, litigation skills are a requirement, even if new attorneys may not be able to argue in court right away. Bankruptcy attorneys should be prepared to discuss court filings at any time; A thorough understanding of the documents involved, as well as well-practiced speaking skills, are essential in this field. How Can Law Students Prepare for a Career in Bankruptcy Law? Bankruptcy law is a growing field right now, so now is a good time for law students to seek careers in this area of law. Many companies offer bankruptcy proceedings, which typically involve a heavy caseload. Students interested in working in this field should look to apply to both small and large businesses with an active bankruptcy file. While in law school, most students will have the opportunity to take a course in bankruptcy law. This is, of course, the best way to learn more about the field and the laws involved in bankruptcy proceedings. Students interested in this area of practice should find a failed or similar course offered by their school. However, failure itself is not the only useful class for.