Bankruptcy Lawyers
Overview
Introduction
Bankruptcy is a legal process in which a person, business, or other organization receives permission to not pay certain debts or to pay a lesser amount than what is owed. Bankruptcy lawyers assist their clients in obtaining protection from creditors under existing bankruptcy laws and help them with financial reorganization and debt repayment.
Quick Facts
Median Salary
Employment Prospects
Minimum Education Level
Experience
Skills
Personality Traits
Earnings
The U.S. Department of Labor reports that in 2023 the median salary for all lawyers was $145,760 with the lowest 10 percent earning $69,760 and the highest 25 percent earning $217,360. Bankruptcy lawyers earned average salaries of $134,704 in 2024, according to ZipRecruiter.com.
Bankruptcy lawyers usually receive paid vacations and holidays, sick leave, hospitalization and insurance bene...
Work Environment
Bankruptcy lawyers spend much of their time in law offices, courtrooms, law libraries, and the offices and homes of clients. Lawyers often work long hours, spending evenings and weekends preparing cases and materials and working with clients. Those who are employed by law firms must work grueling schedules to advance in the firm. Those who own their own firms must also work very hard to build a...
Outlook
Employment for lawyers is expected to grow faster than the average for all occupations through 2032, according to the Occupational Outlook Handbook. Job opportunities for bankruptcy lawyers should be fairly good due to increase in bankruptcy filings in recent years. After declining through June 2022, personal and business bankruptcy filings increased 16.2 percent in the 12-month period...