5 Myths In Bankruptcy Practice Debunked

Attorneys who are just starting their careers in bankruptcy practice may have certain notions about what their days will be like.

But lawyers with longer tenures told Law360 that junior attorneys have plenty of misconceptions, from how fast cases move and which other lawyers will be working with them to how much time newbies could get in front of a judge. Below, lawyers quash some of those fallacies.

Michael Sirota of Cole Schotz PC, who frequently works with prominent debtors counsel Kirkland & Ellis LLP, said his firm doesn’t usually get involved unless an exit plan is already in process.

“We don’t file Chapter 11 and then try to figure it out after. The only way you do that is if there’s some unknown or unanticipated judgment that comes down the road that you need to respond to right away and maybe not have the time to develop a plan,” Sirota said. “Even in that circumstance, if you’re in litigation and have the potential of facing a judgment, you should still already be working on what the exit plan is. You don’t let Chapter 11 overcome you, you plan for it.”