Bankruptcy attorneys in Texas will soon be seeing an increase in their workload. Law firms are bracing for a wave of companies collapsing as a result of the economic shutdown.
There is a rising demand for bankruptcy lawyers, restructuring advisers and legal support businesses. The help is need for individuals and companies who are struggling to stay afloat. Allmand Law Firm, PLLC in Dallas is one of dozens in the state looking to hire on new attorneys. The Founder, Reed Allmand, says Chapter 11 bankruptcies in particular are big workloads.
“Chapter 11’s for businesses are very involved, and you have to file a lot of paperwork as soon as you file the case, and sometimes it can take an entire firm a week or two to prepare those documentations,” Allmand said.
Allmand added good bankruptcy attorneys can be hard to come by, as it takes a year to train an attorney with no prior bankruptcy experience. One other challenge: fewer law students in the past five to ten years have chosen to study bankruptcy because of bleak job prospects.
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