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Become A Bankruptcy Specialist

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Working As A Bankruptcy Specialist

  • Getting Information
  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Documenting/Recording Information
  • Communicating with Persons Outside Organization
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Repetitive

  • $81,549

    Average Salary

What Does A Bankruptcy Specialist Do

Bill and account collectors try to recover payment on overdue bills. They negotiate repayment plans with debtors and help them find solutions to make paying their overdue bills easier.

Duties

Bill and account collectors typically do the following:

  • Find consumers and businesses who have overdue bills
  • Track down consumers who have an out-of-date address by using the Internet, post office, credit bureaus, or neighbors—a process called “skip tracing”
  • Inform debtors that they have an overdue bill and try to negotiate a payment
  • Explain the terms of sale or contract with the debtor, when necessary
  • Learn the reasons for the overdue bills, which can help with the negotiations
  • Offer credit advice or refer a consumer to a debt counselor, when appropriate

Bill and account collectors generally contact debtors by phone, although sometimes they do so by mail. They use computer systems to update contact information and record past collection attempts with a particular debtor. Keeping these records can help collectors with future negotiations.

The main job of bill and account collectors is finding a solution that is acceptable to the debtor and maximizes payment to the creditor. Listening to the debtor and paying attention to his or her concerns can help the collector negotiate a solution.

After the collector and debtor agree on a repayment plan, the collector continually checks to ensure that the debtor pays on time. If the debtor does not pay, the collector submits a statement to the creditor, who can take legal action. In extreme cases, this legal action may include taking back goods or disconnecting service.

Collectors must follow federal and state laws that govern debt collection. These laws require that collectors make sure they are talking with the debtor before announcing that the purpose of the call is to collect a debt. A collector also must give a statement, called “mini-Miranda,” which informs the account holder that they are speaking with a bill or debt collector.

Although many collectors work for third-party collection agencies, some work in-house for the original creditor, such as a credit-card company or a health care provider. The day-to-day activities of in-house collectors are generally the same as those of other collectors.

Collectors usually have goals they are expected to meet. Typically, these include calls per hour and success rates.

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How To Become A Bankruptcy Specialist

Collectors usually must have a high school diploma. A few months of on-the-job training is common.

Education

Most bill and account collectors are required to have a high school diploma, although some employers prefer applicants who have taken some college courses. Communication, accounting, and basic computer courses are examples of classes that are helpful for entering this occupation.

Training

Collectors usually get 1 to 3 months of on-the-job training after being hired. Training includes learning the company’s policies and computer software and learning the laws for debt collection in the Fair Debt Collection Practices Act, as well as their state’s debt-collection regulations. Collectors also may be trained in negotiation techniques.

Important Qualities

Listening skills. Collectors must pay attention to what debtors say when trying to negotiate a repayment plan. Learning the particular situation of the debtors and how they fell into debt can help collectors suggest solutions.

Negotiating skills. The main aspects of a collector’s job are reconciling the differences between two parties (the debtor and the creditor) and offering a solution that is acceptable to both parties.

Speaking skills. Collectors must be able to speak to debtors to explain their choices and ensure that they fully understand what is being said.

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Bankruptcy Specialist Videos

Bankruptcy Attorney Vancouver WA (360) 205-5054

Bankruptcy Specialist Jobs

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Bankruptcy Specialist Career Paths

Bankruptcy Specialist
Quality Assurance Analyst Quality Assurance Manager Production Manager
Account Manager
5 Yearsyrs
Analyst Finance Analyst
Accounting Manager
8 Yearsyrs
Quality Analyst Analyst Accounts Receivable Specialist
Accounts Receivable Manager
6 Yearsyrs
Business Analyst Business Manager Property Manager
Administrative Manager
6 Yearsyrs
Loan Analyst Underwriter
Asset Manager
7 Yearsyrs
Quality Assurance Analyst Business Analyst Senior Finance Analyst
Assistant Vice President
7 Yearsyrs
Loan Analyst Analyst Accounts Receivable Specialist
Business Office Manager
8 Yearsyrs
Claim Specialist Reimbursement Specialist Client Manager
Client Account Manager
6 Yearsyrs
Credit Analyst Mortgage Loan Processor Senior Loan Processor
Client Relations Manager
6 Yearsyrs
Business Analyst Program Manager Portfolio Manager
Collections Manager
5 Yearsyrs
Compliance Analyst Compliance Specialist Compliance Manager
Contracts Manager
9 Yearsyrs
Underwriter Assistant Vice President Office Manager
Office Manager Of Human Resources
7 Yearsyrs
Underwriter Business Analyst Program Manager
Portfolio Manager
7 Yearsyrs
Quality Analyst Quality Engineer Production Manager
Processing Manager
7 Yearsyrs
Office Manager Account Manager Account Executive
Relationship Manager
6 Yearsyrs
Compliance Analyst Compliance Officer Assistant Vice President
Risk Manager
8 Yearsyrs
Credit Analyst Credit Manager Collections Specialist
Senior Collection Specialist
5 Yearsyrs
Office Manager Registered Nurse Staff Nurse
Unit Manager
6 Yearsyrs
Analyst Assistant Vice President
Vice President And Manager
10 Yearsyrs
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Do you work as a Bankruptcy Specialist?

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Do you work as a Bankruptcy Specialist?

Bankruptcy Specialist Demographics

Gender

Female

71.0%

Male

26.5%

Unknown

2.5%
Ethnicity

White

59.6%

Hispanic or Latino

17.9%

Black or African American

12.3%

Asian

7.1%

Unknown

3.1%
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Foreign Languages Spoken

Spanish

60.0%

Chinese

5.0%

French

5.0%

Mandarin

5.0%

Italian

5.0%

Sami

2.5%

Vietnamese

2.5%

German

2.5%

Albanian

2.5%

Greek

2.5%

Carrier

2.5%

Korean

2.5%

Thai

2.5%
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Bankruptcy Specialist Education

Schools

University of Phoenix

20.8%

Strayer University

7.3%

University of North Texas

6.8%

Ashford University

6.8%

Northern Kentucky University

5.2%

Des Moines Area Community College

4.2%

Liberty University

4.2%

Kaplan University

4.2%

University of Arkansas at Little Rock

3.6%

Southern Methodist University

3.6%

University of North Carolina at Charlotte

3.6%

Iowa State University

3.6%

University of Texas at Arlington

3.6%

Hillsborough Community College

3.6%

Wayne State University

3.1%

Wake Technical Community College

3.1%

University of North Carolina at Greensboro

3.1%

Mountain View College

3.1%

American InterContinental University

3.1%

Upper Iowa University

3.1%
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Majors

Business

30.3%

Legal Support Services

10.6%

Criminal Justice

8.1%

Finance

5.9%

Accounting

5.0%

Law

4.7%

Communication

3.7%

Psychology

3.5%

Health Care Administration

3.2%

Management

3.1%

Liberal Arts

3.1%

General Studies

2.7%

Political Science

2.6%

Human Resources Management

2.4%

Education

2.2%

Real Estate

2.0%

Marketing

1.9%

Computer Science

1.8%

Nursing

1.7%

English

1.7%
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Degrees

Bachelors

36.4%

Other

26.9%

Associate

13.8%

Masters

10.5%

Certificate

6.4%

Doctorate

3.2%

Diploma

2.1%

License

0.7%
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Bankruptcy Specialist Videos

Bankruptcy Attorney Vancouver WA (360) 205-5054

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Top Skills for A Bankruptcy Specialist

  1. Relief
  2. Debtor
  3. Court Hearings
You can check out examples of real life uses of top skills on resumes here:
  • Examine residential loan documentation and records for Motion for Relief referral readiness.
  • Performed as a compliance facilitator for the collection departments by monitoring conflict resolution between collectors and debtors.
  • Perform accounting procedures, as well as produce business reports in preparation for court hearings.
  • Contacted and advised foreclosure attorneys to postpone foreclosure sales and placed holds on foreclosure sales.
  • Reviewed all incoming loan applications.

How Would You Rate Working As a Bankruptcy Specialist?

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Top Bankruptcy Specialist Employers

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Bankruptcy Specialist Videos

Bankruptcy Attorney Vancouver WA (360) 205-5054

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