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Career as Bankruptcy Lawyer

Career as a Bankruptcy Lawyer

About Bankruptcy Lawyer

A Bankruptcy Lawyer is a legal professional whose primary focus is to assist his/ her clients through court proceedings in order to reduce or eliminate debt or to proceed forward with bankruptcy. Bankruptcy Lawyers can work for both individuals and corporations. They have the liberty of representing individuals or corporate debtors, individual or corporate creditors, bankruptcy trustees, and creditors' committees. Their job entails both inside and outside courtroom procedures. Outside the courtroom, Bankruptcy Lawyers advise their clients in the complexities of bankruptcy laws and counsel them in reducing their debt load by liquidating assets and paying creditors. Apart from that, they may also work on the side of creditors, attempting to extract as much money owed as possible from their debtors. In the courtroom, Bankruptcy Lawyers may fight for their client or present a debt-reorganisation plan for the court to approve.

Eligibility to become Bankruptcy Lawyer

In order to become a Bankruptcy Lawyer, candidates are required to fulfil certain conditions. The table given below provides a list of the eligibility criteria for becoming a bankruptcy lawyer.

Educational Qualification

  • It is mandatory for the candidate to have completed at least an undergraduate level degree in law. It can be an integrated law course of five years or an LL.B degree obtained after a bachelor's degree.
  • A specialisation in bankruptcy law gives candidates more insight into the field. Hence, an additional certificate or diploma course in bankruptcy law or specialisations related to it like creditors' rights, income taxation, negotiations. etc. is helpful in getting recruited by good firms.
  • The candidates who have obtained a postgraduate degree or who have completed a Juris Doctor degree are suitable for the profile as well.

Skill Set

  • Litigation and Transaction Skills
  • Attention to Details
  • Strong Written and Verbal Communication Skills
  • Updated with the Latest News
  • Patience
  • Perseverance
  • Creative Problem Solving
  • Skilled in Analysis
  • Good Negotiation Skills
  • Rational Approach
  • Good at Mathematics
  • Critical Thinking

Work Experience

  • The candidate must have had prior experience of at least some internships with law firms or with relevant government agencies. The work experience should be specific to bankruptcy law as it can enhance the chances of the candidate getting hired for a good job profile at a leading organisation.

Courses to Become a Bankruptcy Lawyer

Refer to the table given below to know about the best courses to become a bankruptcy lawyer, their average fee, and the top law colleges that offer them.

Course

Average Fee per YearTop Law Colleges for Bankruptcy Law

B.A. LL.B

Rs. 2 - 2.5 lacs

Symbiosis Law School

Lovely Professional University

National Law Universities (NLUs)

Amity University

Alliance University

Sage University

JECRC University

Bachelor of Law (LL.B)

Rs. 1.5 - 2.5 lacs
B.Com LL.B

Rs. 1.7 - 2.5 lacs

BBA LL.B

Rs. 2 - 2.5 lacs
Master of Law (LL.M)

Rs. 2 - 3 lacs

Types of Job Roles Bankruptcy Lawyer

The types of job roles available for Bankruptcy Lawyers have been listed below.

  • Bankruptcy Lawyer
  • Government Representative
  • Legal Advisor
  • Judge
  • Finance Expert
  • Professor
  • Legal Representative

Employment Sector for Bankruptcy Lawyer

Bankruptcy Lawyers are hired across several sectors and industries for employment. Some of the sectors in which bankruptcy lawyers are recruited the most at different levels have been provided here.

  • Law firms
  • Individual companies or organisations
  • Individual clients
  • Government sector
  • NGOs
  • Public welfare organisations
  • Corporate sector
  • Finance
  • Taxation

Planning to choose Bankruptcy Lawyer as your career?

Pay Scale/Salary of Bankruptcy Lawyer

The salary of a Bankruptcy Lawyer depends upon several factors. Some of them include the prior work experience of the candidate, the company for which he/ she is working, his/ her job role, etc. Additionally, the salary also varies depending upon the city from which the lawyer is working.

Job Profile

Average Salary (per annum)

Entry-Level Salary (per annum)

Mid-Level Salary (per annum)

Senior-Level Salary (per annum)

Bankruptcy Lawyer

Rs. 6,30,000

Rs. 2,00,000

Rs. 8,20,000

Rs. 12,50,000

Books & Study Material to Become Bankruptcy Lawyer

Listed below are some of the best-recommended books for Bankruptcy Lawyers.

  • 'Prescription for Bankruptcy' by Dr. Edward P Hoffer
  • 'Uniform Laws and Rights of Bankruptcy' by Matthew Roy
  • 'Understanding Bankruptcy' by Jeffrey Ferriell, Edward J. Janger
  • 'Understanding Consumer Bankruptcy: A Guide for Businesses, Managers, and Creditors' by Scott B. Kuperberg
  • 'The Bankruptcy Laws and Rights' by N Kumar

Pros of becoming a Bankruptcy Lawyer

  • A Bankruptcy Lawyer can explore several sectors and industries for employment. They get opportunities in the government sector as well as in the private sector.
  • Bankruptcy Lawyers can choose to work for several individual clients or they can represent a company. They have the liberty of expanding their practice in the area they prefer the most.
  • The senior level salary of Bankruptcy Lawyers are quite high and they enjoy many benefits if they are associated with a top tier firm.

Cons of becoming a Bankruptcy Lawyer

  • At the beginning of their career, Bankruptcy Lawyers have to struggle to make their mark and be recognised.
  • The salary of a Bankruptcy Lawyer who has just entered the job market is not as high as that of mid-level or senior professionals.
  • Bankruptcy Lawyers have to work for long hours and there is no fixed time of their job.

Paths for Being Bankruptcy Lawyer

FAQs about Bankruptcy Lawyer

Can Bankruptcy Lawyers work only in the corporate sector?

No, Bankruptcy Lawyers are hired in many sectors for different job roles. They can find many job roles in both government and private sectors. They can also work for an individual client or for a company.

What is the average fee required for becoming a bankruptcy lawyer?

In order to become a Bankruptcy Lawyer, you will have to complete a bachelor or masters degree in law. The average course fee of a UG degree in law is around Rs. 1.5 lakhs per annum and that of a masters degree is Rs. 2 lakhs per annum.

What is the senior level salary offered to Bankruptcy Lawyers in India?

The senior level officials of Bankruptcy Law are paid around Rs. 12 - 15 lakhs per annum. The salary depends upon the company and city in which the lawyer is working.

Is it important to have work experience to become a Bankruptcy Lawyer?

While hiring Bankruptcy Lawyers, preference is given to candidates who have has some work experience in the same or a related field. Therefore, doing some internships in specifics of bankruptcy law while completing your degree can be quite helpful in fetching you a good job at a well-established firm or company.

Which is the best institute for Bankruptcy Law in India?

The National Law Universities (NLUs), Symbiosis Law School, ILS Law College, Jindal Global Law School, etc. are some of the most sought after colleges for bankruptcy law in India. Apart from these, many private colleges like Amity University, Lovely Professional University, etc. are also quite popular among students.

How are the career prospects for Bankruptcy Lawyers in India?

The scope of job opportunities for Bankruptcy Lawyers in India is good. They can find many career prospects in both government and private sectors.

Can I become a Bankruptcy Lawyer after completing graduation in BA LLB?

Yes, you can become a Bankruptcy Lawyer after obtaining a degree of BA LLB. You should have done some internships in the relevant field so as to get good job opportunities.

What is the starting salary for Bankruptcy Lawyers in India?

The starting salary for Bankruptcy Lawyers in India at a mid-level company is around Rs. 2,50,000 per annum.

What is the eligibility criteria to become a Bankruptcy Lawyer?

Candidates who have completed a UG or PG degree in law are eligible to become Bankruptcy Lawyers.

What does a Bankruptcy Lawyer do?

A Bankruptcy Lawyer is responsible for managing the finances of his/ her client and leading them through court proceedings in regard to bankruptcy issues. They deal with matters related to finance, creditors, debitors, bankruptcy trustees, etc.

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