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 (2021)* | $44,358 (for bankruptcy specialists) |
| Job Outlook (2020-2030)** | 6% (for financial analysts) |
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 analysts.' The BLS projected that this group would experience a 6% job growth between 2020 and 2030, which was about as fast as the average.
As of August 2021, bankruptcy specialists earned a median annual salary of $44,358, according to PayScale.com.
Related Careers
Other careers in finance that might be of interest to prospective bankruptcy consultants include the following:
