How to Become a Bankruptcy and Foreclosure Lawyer

Become a Bankruptcy and Foreclosure Lawyer

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In a difficult economy, we often hear news of bankruptcies and foreclosures. One specialty of law works with people undergoing these stressful financial situations. Bankruptcy and foreclosure lawyers guide clients through the difficult process of dealing with extreme financial hardships and helping them regain their financial footing.

If you have ever been intrigued by the law, retraining in this area could be an interesting way for you to improve your skills and dive into a new profession. Further education is required to enter this field--and online bankruptcy and foreclosure law courses can help you begin the process.

Career Skills for the Lawyer: Bankruptcy and Foreclosure

Lawyers are found practicing in all areas of our society. They become involved in criminal proceedings, divorce, intellectual property, environmental concerns, and more. Bankruptcy and foreclosure lawyers specialize in helping people in extreme financial distress so they should be comfortable with numbers. Additionally, because they work with clients who are losing their homes, jobs, businesses, or credit, they need to be good advocates, advisers, and communicators.

To do their jobs, lawyers need to have a keen attention to detail. They also need a certain level of toughness, but at the same time need to be able to relate to their clients and inspire trust. They are required to understand the particulars of bankruptcy and foreclosure law.

Bankruptcy and Foreclosure Lawyers: Career Advice

Lawyers need both an undergraduate degree and law degree, as well as to pass their state's bar exam. To retrain in this field, you will need the appropriate class work in law, specializing in foreclosure and bankruptcy proceedings. Continuing education is also required for attorneys to keep their licenses current. Online lawyer training courses can get you started in a career that is highly in demand right now with bankruptcy and foreclosure filings rising.

Career Outlook for Bankruptcy Lawyers

  • Education and career requirements: Bachelor's degree, law degree, and passing the bar exam in the state in which you intend to practice
  • Average post-secondary education required for this career: 7-8 years
  • Test for law school admission: The Law School Admission Council Exam (LSAT)
  • Number of law schools currently accredited by the American Bar Association: 200
  • Common undergraduate degrees for lawyers: Business, finance, and political science
  • Percentage of lawyers who are self-employed: Around 27 percent
  • Increase in consumer bankruptcies from March 2008-March 2009: 41 percent
  • Increase in business bankruptcies in the first quarter of 2009: 64 percent
  • How much the lawyers consulting on the Chrysler bankruptcy earned in their first month of work: $12.7 million
  • Mortgages in foreclosure or default (more than 30 days late) in Q1 2009: 12.07 percent

Press Releases - Bankruptcy Filing Statistics