Bankruptcy Lawyer/Attorney

If you feel the need to truly help out people that desperately need it the most, then you should go to a legal recruiter at Boston Legal Recruitment and get help at becoming a bankruptcy lawyer. Bankruptcy is truly a low point for people since they’re at the place where they can’t pay off their creditors anymore and need help in order to organize their own lives. There are two types of bankruptcy that the typical bankruptcy attorney deals with in regards to bankruptcy law:

• Personal bankruptcy
• Corporate bankruptcy

Each of these individual bankruptcies has to be treated differently since the dealings and monetary value of a corporate company that has become bankrupt is much higher than that of an individual who has become bankrupt. The lawyer that works on both personal and corporate bankruptcy will have to learn the tendencies of each individual person and corporate company that files for bankruptcy; the federal laws when it comes to declaring for bankruptcy, as well as recovering from it. Since each form of bankruptcy is different, you’ll end up learning about both of them when you get hired by a legal recruiter.

Personal Bankruptcy

This form of bankruptcy can be less complex than corporate bankruptcy depending on which chapter of bankruptcy the individual files for, as well as how to deal with the amount of creditors that your client will have to pay off. The two most common forms of bankruptcy that is seen with personal bankruptcy within bankruptcy law are Chapter 7 and Chapter 13.

Chapter 7 is where the bankruptcy attorney has their client liquidate all of their assets to the creditors for the amount of cash that they’re worth in an effort to help pay off the client’s debt. Chapter 13 is different since this gives the bankrupted party a chance to reorganize their life and pay off their debt in a plan that is usually anywhere from 3-5 years depending on how bad their debt is.

Corporate Bankruptcy

Corporate bankruptcy differs from personal bankruptcy in that the bankruptcy law of the United States says that the indebted corporate company has to pay off their debt in a certain way because they have different types of people to pay off in order to recover from the bankruptcy process. They must pay off secured creditors first since they need the money from the company immediately followed by other unsecured creditors. At times, the stockholders of the company don’t even get paid since the company can’t afford it depending on what chapter of bankruptcy they file for.

They can file for either Chapter 7 bankruptcy (shown above under the personal bankruptcy heading) or Chapter 11 bankruptcy which is a more complex form of Chapter 13 bankruptcy (also shown above).

If you feel that becoming an attorney who deals with bankruptcy law is for you, then send your curriculum vitae (or CV) to a legal recruiter to Boston Legal Recruitment and our expert lawyers will help you achieve the position of a bankruptcy lawyer.