1. 800. 973.1177
CAREER CORNER
A Career in Bankruptcy Law [by Anayat Durrani] Choosing what area of law to specialize in is often a difficult decision to make for law students. But for those leaning toward specializing in bankruptcy law, early preparation and understanding of what the practice entails is key to what could prove a promising career in that field.
Bankruptcy is a legal process that seeks to
credit cards buying expensive medicine. It’s
bankruptcy is code-driven, it is something
benefit both debtors and creditors. It allows
a chance to level the playing field and to give
that actually can be learned from a book. He
debtors “fresh starts” on their financial
debtors a fresh start,” Mr. Trott said.
recommends working in a legal-aid environment to get good experience.
obligations by relieving them of most debts they cannot pay. It also provides that the
Karen Gross, Professor of Law at New York
creditor gets paid through a fair method of
Law School, has 25 years of legal prac-
Ms. Gross also suggests a basic course on
compensation.
tice and scholarship and is renowned as a
bankruptcy and that a course in Chapter 11
scholar dedicated to the human impact of
Corporate Reorganization should be taken,
“I like bankruptcy law because it is as
consumer finance and bankruptcy law. She
assuming students have taken Commercial
precise as any area of the law can be. The
calls the field of bankruptcy a “crisis field.”
Transactions with a focus on Article 9 of the
Bankruptcy Code rules all decisions. As
“Rarely do clients see you when they are
UCC. She also suggests a course in Con-
judges often ask, ‘Where is that in the Code,
happy. Whether they are debtors or creditors,
sumer Finance and Collection if a student
Counselor?’” said Timothy J. Trott, a bank-
something has gone really wrong, and that is
plans to focus on consumer bankruptcy.
ruptcy attorney and partner in the law firm
why they need your help.”
“Since bankruptcy is a cross-over field where practitioners both litigate and ‘do deals,’ it is
of Crane, Teti, Cox, Trott, Bishay and Fisher, Ms. Gross said because of the nature of the
also important to have a good trial advocacy
practice, practitioners do not have too much
course and a good course in the art of the
Bankruptcy law is federal statutory law
control over their time and must travel quite
deal or some advanced corporate or business
outlined in Title 11 of the United States
a bit since cases and clients can be located
planning course.”
Code. Congress passed the Bankruptcy Code
anywhere and sometimes even abroad. She
under its Constitutional grant of authority to
said an additional feature of the bankruptcy
Ms. Gross added that a course in drafting
“establish. . . uniform laws on the subject of
field is that the subjects of the bankruptcies
commercial documents can also be useful,
Bankruptcy throughout the United States.”
change, and practitioners are able to learn
as well as an accounting course. She said a
The proceedings are supervised by and
about the underlying businesses as well.
course on tax is also important but that most
litigated in the United States Bankruptcy
“That enables practitioners to learn about
go to a bankruptcy tax expert for resolution
Courts, according to the Legal Information
different industries and their habits and
of issues.
Institute.
course of dealing. And most practitioners develop a specialty in certain market segments:
Kathleen Walls, P.L.C., is a sole practitioner
Mr. Trott has been in practice since 1992
retail, airlines, hospitals, manufacturing,”
who specializes in bankruptcy cases, mainly
and is the only bankruptcy lawyer among six
Ms. Gross said. “For those doing personal
debtor work in Vermont, and has been prac-
other lawyers at his firm. Mr. Trott repre-
bankruptcies, the human interest stories are
ticing for eight years. “It’s crazy sometimes,
sents consumer debtors and said he enjoys
at once sad and hopeful; there are opportuni-
but I feel pretty satisfied that I am helping
the bankruptcy practice because it allows
ties to help people get back on their feet and
people get a handle on their financial situa-
him an opportunity to assist people who have
restart their lives.”
LLP, in Pennsylvania.
fallen on difficult times.
tions and preventing creditor abuses,” said Walls.
While in law school, taking the right courses “Debtors are not cheaters or deadbeats.
is important when pursuing a career in
Ms. Walls said that those wishing to practice
People get laid off or become ill. I’ve placed
bankruptcy law. Mr. Trott advises taking a
bankruptcy law should keep a few things in
elderly people in bankruptcy who drove up
course on bankruptcy, and he said because
mind. She advises that anyone who seeks to
PAGE 1
continued on back