What Does A Bankruptcy Paralegal Need To Know?
If you are thinking about becoming a bankruptcy paralegal you could be drawn to the comparatively ordinary office hours and the salary such a qualification draws. If you were also good at maths at college and love the idea of helping folk get out of debt while keeping their homes.
So what do you need to understand to become a bankruptcy paralegal?
Most legal assistants who concentrate on this field will learn on the job. Prior to the 2005 Bankruptcy Abuse act, making a bankruptcy filing was straight forward. Actually a large amount of folks failed to use an attorney and got on fine.
But the situation has changed. Although the Act has been around for over 5 years, there's still a substantial quantity of puzzlement over how certain sections should be interpreted. There have been Judges who denied a claim for bankruptcy because the person filing was a teacher who declined to take a second job while on holiday from school. The judge appeared to think that this meant this debtor wasn't doing his best to pay off his liabilities. Another judge may not have reached the same conclusion.
So a bankruptcy paralegal will need to start to know the local judges and how they are probably going to translate the Act in certain circumstances. The legal assistant will also must know the differences between a Chapter 7 filing and a Chapter 13 filing if they focus on personal cases or a chapter 11 and other parts of the bankruptcy code if they deal with firms.
They'll also have to hold the skills all good paralegals will have i.e. An ability to work under pressure, to meet tight cut off dates, to carry out careful research, an eye for details as inaccuracies on court documents can end up in the case being lost.
This is a rewarding career especially for people that have worked in finance or have a genuine would like to make a splash on lives. You will be handling people who are under severe monetary strain that may be impacting their private relationships and their health. Your training and experience can help these folks to boost their situation. It could also help them not to make their situation worse by making a bankruptcy filing when it is the wrong information for them.
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