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 representing typical tasks they are likely to perform in their roles.

  • Manage permanent resident, citizenship, and other immigration applications for clients.
  • Attain signing authority training certificate to sign motions for relief upon filing complex transactions.
  • Respond to the queries issue by DOL, USCIS, and NVC on various non-immigrant and immigrant visa issues.
  • Review bankruptcy plans for feasibility and negotiate with debtors attorneys to protect CitiFinancial's interest.
  • Process new hires and re-hires in HRIS.
  • Enter new hire information in the ADP database.
  • Handle H-1B transfer applications for local hires and H-1B extensions for employees.
  • Work closely with recruitment team and candidates through the H-1B transfer process.
  • Conduct legal reviews with veterans and their representatives to explain determinations and ensure completeness of the claims and benefit process.
  • Utilize websites such as AACER, NDC, iClear to collect information to facilitate completion of audits and QC as assigned.
Bankruptcy Specialist Traits
Interpersonal skills involves being able to communicate efficiently with multiple people regarding your thoughts, ideas and feedback.
Problem-solving skills is the way that one is able to effectively solve a problem in a timely manner.
Research skills involves being able to find information on a topic and analyzing that information to find an answer for a question.

Bankruptcy Specialist Job Description

Perhaps the hardest question to answer when deciding on a career as a bankruptcy specialist is "should I become a bankruptcy specialist?" You might find this info to be helpful. When compared to other jobs, bankruptcy specialist careers are projected to have a growth rate described as "as fast as average" at 6% from 2018 through 2028. This is in accordance with the Bureau of Labor Statistics. What's more, is that the projected number of opportunities that are predicted to become available for a bankruptcy specialist by 2028 is 50,100.

A bankruptcy specialist annual salary averages $33,627, which breaks down to $16.17 an hour. However, bankruptcy specialists can earn anywhere from upwards of $27,000 to $41,000 a year. This means that the top-earning bankruptcy specialists make $14,000 more than the lowest-earning ones.

Once you've become a bankruptcy specialist, you may be curious about what other opportunities are out there. Careers aren't one size fits all. For that reason, we discovered some other jobs that you may find appealing. Some jobs you might find interesting include a housing counselor, document review attorney, attorney, and lawyer.

Bankruptcy Specialist Jobs You Might Like

Bankruptcy Specialist Resume Examples

Bankruptcy Specialist Skills and Personality Traits

We calculated that 24% of Bankruptcy Specialists are proficient in Bankruptcy, Relief, and Legal Documents. 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:

  • Bankruptcy, 24%

    Provide quality customer service while assisting consumers that recently filed bankruptcy or have been victims of fraudulent activity.

  • Relief, 7%

    Conduct thorough examinations of Broker Price Opinions/Appraisals and provide equity analysis that support recommendations for motion for relief referrals.

  • Legal Documents, 6%

    Review all legal documents including collateral pertaining to customer default loans for repossession.

  • Pacer, 6%

    Utilize the Public Access to Court Electronic Records (PACER) website tool to audit bankruptcy files and track bankruptcy status.

  • Foreclosure, 5%

    Manage exception reports on Foreclosure and Bankruptcy loans and partners with internal and external business partners to resolve timely and accurately.

  • Outbound Calls, 4%

    Received inbound calls regarding customer inquiries, account history, payoffs, and speed-pay by phone.

Most bankruptcy specialists list "bankruptcy," "relief," and "legal documents" as skills on their resumes. We go into more details on the most important bankruptcy specialist responsibilities here:

  • Interpersonal skills can be considered to be the most important personality trait for a bankruptcy specialist to have. According to a bankruptcy specialist resume, "lawyers must win the respect and confidence of their clients by building a trusting relationship so that clients feel comfortable enough to share personal information related to their case." Bankruptcy specialists are able to use interpersonal skills in the following example we gathered from a resume: "used interpersonal communication skills to build relationships with account managers while selling the organizations portfolio of beer. "
  • Another commonly found skill for being able to perform bankruptcy specialist duties is the following: problem-solving skills. According to a bankruptcy specialist resume, "lawyers must separate their emotions and prejudice from their clients’ problems and objectively evaluate the relevant applicable information." Check out this example of how bankruptcy specialists use problem-solving skills: "negotiated payment plans and promissory notes with customers and successfully resolved delinquent payment issues. "
  • Research skills is also an important skill for bankruptcy specialists to have. This example of how bankruptcy specialists use this skill comes from a bankruptcy specialist resume, "lawyers need to be able to find those laws and regulations which apply to a specific matter, in order to provide the appropriate legal advice for their clients." Read this excerpt from a resume to understand how vital it is to their everyday roles and responsibilities, "researched mortgage payments, payoffs, and reconciliations reviewed all property photographs for damages and ordered fha appraisals"
  • In order for certain bankruptcy specialist responsibilities to be completed, the job requires the skill "speaking skills." According to a bankruptcy specialist resume, "lawyers must be able to clearly present and explain their case to arbitrators, mediators, opposing parties, judges, or juries, because they are speaking on behalf of their clients." As an example, this snippet was taken directly from a resume about how this skill applies: "represented the department by working on many different special projects and conference calls. "
  • As part of the bankruptcy specialist description, you might find that one of the skills that might be helpful to the job is "writing skills." A bankruptcy specialist resume included this snippet: "lawyers need to be precise and specific when preparing documents, such as wills, trusts, and powers of attorney." This skill could be useful in this scenario: "used writing skills to assist with and coordinate mental health, substance abuse and sex offender evaluations. "
  • Another skill commonly found on bankruptcy specialist resumes is "analytical skills." This description of the skill was found on several bankruptcy specialist resumes: "lawyers help their clients resolve problems and issues" Here's an example from a resume of how this skill could fit into the day-to-day bankruptcy specialist responsibilities: "entered quality assurance findings in sharepoint database for claim s associate to review. "
  • See the full list of bankruptcy specialist skills.

    We've found that 50.0% of bankruptcy specialists have earned a bachelor's degree. Furthermore, 4.8% earned their master's degrees before becoming a bankruptcy specialist. While it's true that most bankruptcy specialists have a college degree, it's generally possible to become one with only a high school degree. In fact, one out of every six bankruptcy specialists did not spend the extra money to attend college.

    Those bankruptcy specialists who do attend college, typically earn either a business degree or a criminal justice degree. Less commonly earned degrees for bankruptcy specialists include a legal support services degree or a accounting degree.

    When you're ready to become a bankruptcy specialist, you might wonder which companies hire bankruptcy specialists. According to our research through bankruptcy specialist resumes, bankruptcy specialists are mostly hired by M&T; Bank, Carrington Holding Company, and Citizens Financial Group. Now is a good time to apply as M&T; Bank has 5 bankruptcy specialists job openings, and there are 1 at Carrington Holding Company and 1 at Citizens Financial Group.

    Since salary is important to some bankruptcy specialists, it's good to note that they are figured to earn the highest salaries at Wells Fargo, Fifth Third Bank, and Financial Partners Credit Union. If you were to take a closer look at Wells Fargo, you'd find that the average bankruptcy specialist salary is $90,967. Then at Fifth Third Bank, bankruptcy specialists receive an average salary of $72,218, while the salary at Financial Partners Credit Union is $69,303.

    View more details on bankruptcy specialist salaries across the United States.

    If you earned a degree from the top 100 educational institutions in the United States, you might want to take a look at Wells Fargo, Bank of America, and IBM. These three companies have hired a significant number of bankruptcy specialists from these institutions.

    The three companies that hire the most prestigious bankruptcy specialists are:

      What Housing Counselors Do

      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.

      We looked at the average bankruptcy specialist annual salary and compared it with the average of a housing counselor. Generally speaking, housing counselors receive $50,318 higher pay than bankruptcy specialists per year.

      Even though bankruptcy specialists and housing counselors have vast differences in their careers, a few of the skills required to do both jobs are similar. For example, both careers require bankruptcy, legal documents, and foreclosure in the day-to-day roles.

      There are some key differences in responsibilities as well. For example, a bankruptcy specialist responsibilities require skills like "relief," "pacer," "outbound calls," and "msp." Meanwhile a typical housing counselor has skills in areas such as "legal advice," "regulatory agencies," "crisis intervention," and "independent living." This difference in skills reveals how truly different these two careers really are.

      On average, housing counselors reach higher levels of education than bankruptcy specialists. Housing counselors are 6.6% more likely to earn a Master's Degree and 34.8% more likely to graduate with a Doctoral Degree.

      What Are The Duties Of a 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.

      The next role we're going to look at is the document review attorney profession. Typically, this position earns a higher pay. In fact, they earn a $41,524 higher salary than bankruptcy specialists per year.

      Not everything about these jobs is different. Take their skills, for example. Bankruptcy specialists and document review attorneys both include similar skills like "legal documents," "counsel," and "ensure accuracy" on their resumes.

      In addition to the difference in salary, there are some other key differences that are worth noting. For example, bankruptcy specialist responsibilities are more likely to require skills like "bankruptcy," "relief," "pacer," and "foreclosure." Meanwhile, a document review attorney might be skilled in areas such as "attorney-client privilege," "civil litigation," "e-discovery software," and "financial documents." These differences highlight just how different the day-to-day in each role looks.

      On the topic of education, document review attorneys earn similar levels of education than bankruptcy specialists. In general, they're 2.3% less likely to graduate with a Master's Degree and 34.8% more likely to earn a Doctoral Degree.

      How an Attorney Compares

      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.

      The third profession we take a look at is attorney. On an average scale, these workers bring in higher salaries than bankruptcy specialists. In fact, they make a $72,073 higher salary per year.

      While looking through the resumes of several bankruptcy specialists and attorneys we discovered that both professions have similar skills. These similarities include skills such as "bankruptcy," "legal documents," and "foreclosure," but they differ when it comes to other required skills.

      There are many key differences between these two careers as shown by resumes from each profession. Some of those differences include the skills required to complete responsibilities within each role. As an example of this, a bankruptcy specialist is likely to be skilled in "relief," "pacer," "outbound calls," and "msp," while a typical attorney is skilled in "legal advice," "law firm," "civil litigation," and "criminal cases."

      Attorneys typically study at similar levels compared with bankruptcy specialists. For example, they're 1.3% less likely to graduate with a Master's Degree, and 65.3% less likely to earn a Doctoral Degree.

      Description Of a 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.

      The fourth career we look at typically earns higher pay than bankruptcy specialists. On average, lawyers earn a difference of $80,199 higher per year.

      While their salaries may vary, bankruptcy specialists and lawyers both use similar skills to perform their jobs. Resumes from both professions include skills like "bankruptcy," "legal documents," and "court proceedings. "

      Even though a few skill sets overlap, 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 "outbound calls." Meanwhile, some lawyers might include skills like "legal advice," "law firm," "civil litigation," and "real estate" on their resume.

      In general, lawyers reach higher levels of education when compared to bankruptcy specialists resumes. Lawyers are 16.2% more likely to earn their Master's Degree and 31.1% more likely to graduate with a Doctoral Degree.