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Loyola University Chicago

Career Services

School of Law

Bankruptcy Law

WHAT IS BANKRUPTCY LAW?

The purpose of the bankruptcy system is to provide overburdened individuals and organizations with an opportunity to resolve and reorder their financial affairs while providing protection for their creditors. Bankruptcy law is set forth in the U.S. Bankruptcy Code, and all bankruptcies are processed through the U.S. Bankruptcy Court. Whether through liquidation and sale of assets or by restructing and reorganization to allow an orderly payment of debts, the bankruptcy system governs the obligations and rights of creditors (lenders or others to whom a debt is owed) and debtors (borrowers or recipients of credit, goods, or services).

The following are examples of the type of work done by bankruptcy attorneys:

Bankruptcy attorneys practice in a variety of settings. Many practice in law firms where they represent individuals and corporate debtors and/or creditors. Other attorneys work for banks, title companies, utilities, or corporations. The government also employs bankruptcy lawyers who work for agencies such as the Internal Revenue Service, the Securities & Exchange Commission, the Pension Benefit Guaranty Corporation, and state and municipal tax authorities.

IF YOU'RE INTERESTED IN A CAREER IN BANKRUPTCY LAW...

1. Take a bankruptcy law course. A basic bankruptcy course will help you determine whether you're truly interested in the field.

2. Take business law courses (including courses dealing with the Uniform Commercial Code) as well as courses in tax, accounting, employee benefits, real estate, business organizations, and securities regulations.

3. Work as a law clerk, legal intern, or summer associate at a law firm, government agencies, or public interest organization that works in the area of bankruptcy law.

4. Sharpen your courtroom skills by taking any class that helps to get you comfortable in the courtroom or by participating in Moot Court.

5. Sharpen your writing skills and gain valuable experience by externing for a bankruptcy judge during law school.

6. Keep up with the latest developments in banking and finance by reading the Wall Street Journal and the New York Times.

7. Get to know Loyola professors who teach in the area of bankruptcy law - Lea Krivinskas-Shepard, Neil Williams, Janet Tracy, Steve Ramirez, and Charles Murdock.

 

BANKRUPTCY LAW RESOURCES

United States Bankruptcy Court, Northern District of Illinois

Bankruptcy Law Network

LexisNexis Bankruptcy Law Community

National Association of Bankruptcy Trustees

National Association of Consumer Bankruptcy Attorneys

National Consumer Law Center

United States Trustee Program, Department of Justice


Loyola

SCHOOL OF LAW CAREER SERVICES
Philip H. Corboy Law Center · 25 E. Pearson Street Suite 1370 · Chicago, IL 60611 ·
312.915.7160 · E-mail: law-career@luc.edu

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