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Bankruptcy Consultant: Salary & Job Description

Find out how much you could earn as a bankruptcy consultant, and explore what your daily duties might be. Also, learn about education options to prepare for this career.

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What is a Bankruptcy Consultant?

Bankruptcy consultants work for banks and other financial institutions, compiling and managing bankruptcy portfolios from inception to discharge. Specific duties might include researching customers' accounts, establishing and maintaining communication with customers, reviewing bankruptcy plans and making sure debtors stay in compliance with their plans; the latter might require invoicing customers and making collection calls. Bankruptcy consultants also ensure that all necessary documentation is signed and filed with bankruptcy courts and that debtors' records are kept up-to-date.

Educational Requirements High school diploma or GED; some employers prefer a bachelor's degree
Job Skills Interpersonal skills, time management and organizational skills, knowledge of bankruptcy law, attention to detail
Median Salary (2018)* $42,051 (for bankruptcy specialists)
Job Outlook (2016-2026)** 9.6% (for financial specialists, all other)

Source: *PayScale.com, **U.S. Bureau of Labor Statistics

Required Education

Many employers of bankruptcy consultants only require that applicants have a high school diploma or GED; however, some prefer candidates with a bachelor's degree. Employers also tend to seek job candidates with a few years of prior experience in the bankruptcy industry. Additionally, candidates should have some computer know-how, including knowledge of Microsoft Word and Excel.

Required Skills

Because they interact with various parties in bankruptcy cases, including customers, lawyers and court officials, bankruptcy consultants must have strong interpersonal skills, in particular excellent listening, oral and written communication skills. They also need solid organizational skills since they're likely to be working on multiple bankruptcy cases simultaneously. Additionally, it's important that bankruptcy consultants have good time management skills to ensure that court filing and other deadlines are met and that they have knowledge of current bankruptcy law and attention to detail to make sure they're adhering to state and federal bankruptcy laws.

Career Outlook and Salary

The U.S. Bureau of Labor Statistics (BLS) doesn't offer employment statistics specific to bankruptcy consultants, but this career can reasonably be considered under the umbrella of 'financial specialists, all other.' The BLS projected that this group would experience a 9.6% job growth between 2016 and 2026, which was slightly faster than average.

As of June 2018, bankruptcy specialists earned a median annual salary of $42,051, according to PayScale.com.

Related Careers

Other careers in finance that might be of interest to prospective bankruptcy consultants include the following:

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