What does a bankruptcy specialist do?
The bankruptcy specialist is responsible for filing and documentation loan bankruptcy materials with the appropriate attorneys. They ensure full compliance with loan bankruptcy regulations and monitor accounts throughout the loan bankruptcy process to contact the appropriate party when necessary. A bankruptcy specialist might be an administrator or lawyer in a bankruptcy office and supports bankruptcy law. They are likely to evaluate state declaration and affidavits for legal progression, interact with customers and outside counsel about bankruptcy proceedings through written and verbal communication, and work with local counsel and upper management in effectively reviewing client's files.
Bankruptcy specialist responsibilities
Here are examples of responsibilities from real bankruptcy specialist resumes:
- Achieve award for increasing efficiency by extensively communicating with debtors' attorneys and monitoring trustee activities on a daily basis.
- Provide training and support to other analysts regarding negotiation of litigation and contest bankruptcy matters.
- Prepare cases for litigation, facilitate appropriate management of attorneys to insure proper representation of bank.
- Develop SEO marketing initiatives that range from keyword research to competitive analysis and generate weekly reports analyzing clients' traffic trends
- Provide comprehensive counseling to consumers regarding affordable housing programs, first-time homebuyer programs, and post-purchase education.
- Maintain up-to-date information on lending and homebuyer assistance programs, assist with evaluating the housing counseling services provide by stimulus monies.
Bankruptcy specialist skills and personality traits
We calculated that 8% of Bankruptcy Specialists are proficient in Relief, Pacer, and Foreclosure. They’re also known for soft skills such as Interpersonal skills, Problem-solving skills, and Research skills.
We break down the percentage of Bankruptcy Specialists that have these skills listed on their resume here:
- Relief, 8%
Conduct thorough examinations of Broker Price Opinions/Appraisals and provide equity analysis that support recommendations for motion for relief referrals.
- Pacer, 7%
Processed and verified documentation for bankruptcy attorneys representing the customer with attorneys, and Pacer to verify Bankruptcy.
- Foreclosure, 6%
Manage exception reports on Foreclosure and Bankruptcy loans and partners with internal and external business partners to resolve timely and accurately.
- MSP, 5%
Make adjustments to suspense buckets in MSP based on funds sent in from the trustee and the borrower.
- Bankruptcy Court, 4%
Anticipated bankruptcy court rulings using local experience, effectively improving company's legal costs.
- Debtor, 4%
Assist in-bound calling debtors in bringing voluntary payments current, voluntary repossessions and negotiation settlement of loan.
Most bankruptcy specialists use their skills in "relief," "pacer," and "foreclosure" to do their jobs. You can find more detail on essential bankruptcy specialist responsibilities here:
Interpersonal skills. The most essential soft skill for a bankruptcy specialist to carry out their responsibilities is interpersonal skills. This skill is important for the role because "lawyers must build relationships with current and prospective clients, as well as with their colleagues and other members of the legal community." Additionally, a bankruptcy specialist resume shows how their duties depend on interpersonal skills: "provide group counseling and case management services to individuals with developmental disabilities regarding interpersonal skills. "
Problem-solving skills. Another essential skill to perform bankruptcy specialist duties is problem-solving skills. Bankruptcy specialists responsibilities require that "lawyers must evaluate information to propose viable solutions, mediate disputes, and reach agreements or settlements for their clients." Bankruptcy specialists also use problem-solving skills in their role according to a real resume snippet: "directed defaulted and terminated loans through the bankruptcy litigation process, insuring the optimal financial resolution in the trucking finance industry. "
Research skills. This is an important skill for bankruptcy specialists to perform their duties. For an example of how bankruptcy specialist responsibilities depend on this skill, consider that "lawyers need to find laws and regulations that apply to a specific matter in order to provide appropriate legal advice for their clients." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of a bankruptcy specialist: "research and prepare civil litigation documents including correspondence, discovery and pleadings. ".
Analytical skills. Another skill commonly found on bankruptcy specialist job descriptions is "analytical skills." It can come up quite often in bankruptcy specialist duties, since "lawyers interpret the law as it applies to their client’s case." Here's an example from a resume of how this skill fits into day-to-day bankruptcy specialist responsibilities: "review court dockets, case information, and national data center trustee ledger. "
The three companies that hire the most bankruptcy specialists are:
- Lendmark Financial3 bankruptcy specialists jobs
- Selene Finance
3 bankruptcy specialists jobs
- Fifth Third Bank2 bankruptcy specialists jobs
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Compare different bankruptcy specialists
Bankruptcy specialist vs. Housing counselor
A Housing Counselor works directly with clients and organizations to support moderate and low-income clients in overcoming barriers to housing and financial stability. They represent the homeowner in interventions and/or mediation proceedings with the mortgage servicer, lender, and/or other stakeholders.
There are some key differences in the responsibilities of each position. For example, bankruptcy specialist responsibilities require skills like "relief," "pacer," "foreclosure," and "msp." Meanwhile a typical housing counselor has skills in areas such as "in-house counsel," "social work," "regulatory compliance," and "crisis intervention." This difference in skills reveals the differences in what each career does.
Housing counselors earn the highest salaries when working in the manufacturing industry, with an average yearly salary of $91,338. On the other hand, bankruptcy specialists are paid more in the finance industry with an average salary of $47,222.housing counselors tend to reach similar levels of education than bankruptcy specialists. In fact, housing counselors are 3.9% more likely to graduate with a Master's Degree and 26.0% more likely to have a Doctoral Degree.Bankruptcy specialist vs. Document review attorney
A Document Review Attorney reviews various types of legal documents, such as contract and employment law, intellectual property, and commercial litigation, to identify any areas of risk or information that may need correction.
In addition to the difference in salary, there are some other key differences worth noting. For example, bankruptcy specialist responsibilities are more likely to require skills like "relief," "pacer," "foreclosure," and "msp." Meanwhile, a document review attorney has duties that require skills in areas such as "complex litigation," "e-discovery software," "law firm," and "qc." These differences highlight just how different the day-to-day in each role looks.
Document review attorneys may earn a higher salary than bankruptcy specialists, but document review attorneys earn the most pay in the professional industry with an average salary of $99,404. On the other hand, bankruptcy specialists receive higher pay in the finance industry, where they earn an average salary of $47,222.Average education levels between the two professions vary. Document review attorneys tend to reach similar levels of education than bankruptcy specialists. In fact, they're 1.3% more likely to graduate with a Master's Degree and 26.0% more likely to earn a Doctoral Degree.Bankruptcy specialist vs. Attorney
Generally, an attorney's responsibility is to advise the client with an ongoing lawsuit on the legal procedures and provide strategies to resolve the case as early as possible. An attorney compiles necessary documents or any records for appeal and client's defense. Attorneys must acquire strong problem-solving and critical-thinking skills to mediate disputes and settle pending litigation for the client's best interest. In some cases, an attorney's procedure depends on any evidence and research presented during the trial period. An attorney is expected to present clients on legal proceedings, seeking justice and justifying the law.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from bankruptcy specialist resumes include skills like "relief," "pacer," "msp," and "bankruptcy court," whereas an attorney is more likely to list skills in "legal research," "law firm," "legal issues," and "legal advice. "
When it comes to education, attorneys tend to earn similar degree levels compared to bankruptcy specialists. In fact, they're 0.6% more likely to earn a Master's Degree, and 46.8% more likely to graduate with a Doctoral Degree.Bankruptcy specialist vs. Lawyer
A lawyer is a legal practitioner who specializes in understanding and interpreting laws and other legal matters. Their responsibilities revolve around providing legal counseling and advice, representing clients in different kinds of court proceedings, conducting research, collecting evidence, and coordinating with various experts. A lawyer must also manage and oversee the performance of assistants, paralegals, and other team members. Furthermore, there are instances when a lawyer must draft or manage documents such as contracts, trusts, deeds, and wills, assisting clients as needed.
Even though a few skill sets overlap between bankruptcy specialists and lawyers, there are some differences that are important to note. For one, a bankruptcy specialist might have more use for skills like "relief," "pacer," "foreclosure," and "msp." Meanwhile, some responsibilities of lawyers require skills like "law firm," "legal issues," "real estate," and "legal research. "
The average resume of lawyers showed that they earn higher levels of education compared to bankruptcy specialists. So much so that theyacirc;euro;trade;re 9.8% more likely to earn a Master's Degree and more likely to earn a Doctoral Degree by 25.1%.Types of bankruptcy specialist
Updated January 8, 2025
