In the United States, and around the world, lawyers exist to assist individuals with certain situations in their lives. They are advocates for the helpless, struggling, and those who may be in trouble. As a lawyer when you’re assisting your client(s) some of those cases will go to trial, while others will be settled outside of court. In fact, the number of cases that haven’t reached trial is very low compared to many years ago. To be more specific, in 1962, 11.5and of all federal cases went to trial. Today, the percentage of civil cases that reach trial in the federal four is as low as 1%. Regardless, of if your case goes to trail or not, you’re going to want to be the best lawyer you could possibly be. Here’s what you need to know about certain areas of law.

Bankruptcy Court

To begin, bankruptcy law concentrates on assisting individuals who need help solving and repaying their debts. There are many different debts Americans can have, so there is a bankruptcy code you’re going to familiarize yourself with. These codes are different types of chapters of bankruptcy. You will become familiar with them, gain experience (through cases) and expertise. For example, Chapter 11 provides for reorganization, usually involving a corporation or partnership. The debtor that files this chapter usually proposes a plan of reorganization to keep its business alive and pay creditors over time. They seek relief as struggling business owners by filing this chapter. In fact, 90% of debtors that file Chapter 11 have less than $10 million dollars in assets, liabilities, revenues, and 50 (or fewer) employees. There’s also Chapter 7 where most debtors can eliminate their unsecured debts quickly by surrendering their assets. And, Chapter 13 eliminates debts by creating a plan to repay some or all debt over three to five years.

When your clients file for bankruptcy, they may have to head to court. A bankruptcy court is the courtroom the federal government created to settle all types of personal and corporate bankruptcy cases. Your client must file bankruptcy in a federal court, as part of the law. The case must be heard in the judicial district that is the primary residence, or place of business of the filer. The case your arguing on behalf of your client will be heard by a bankruptcy judge who is appointed by The United States Court of Appeals, and serves 14 year terms.

Insurer Insolvency

Insurer insolvency involves insurance companies and problems they may obtain. Essentially insurance is watched and regulated by state insurance departments. This is because one of their objectives is to protect all policyholders from the risk of an insurance company in financial troubles. If a company does fall victim of financial issues, and is unable to meet its obligations, the insurance commissioner begins a process. This process is dictated by the laws of the state. It’s efforts are made to help the company regain its financial footing. This period is known as rehabilitation. For this area of law, as a lawyer, you will help insurance companies with their financial issues and help to solve insurance coverage disputes. However, it is important to note that if the company cannot be rehabilitated, this is where insurer insolvency comes in. Additionally, Insurer insolvencies are governed by state law, rather than federal bankruptcy law.

There are other forms in terms of insurer insolvency, so rehabilitation is not the only option. There is conservation and liquidation. The process of conservation consists of giving the receiver a period of time in which to analyze the company and its financial condition. He or she determines whether the policyholders and creditors will be best served by liquidation, rehabilitation, or returning the company to private management. Liquidation will require a court hearing or a trial. Liquidation requires a filed case. It gives the company an opportunity to defend itself, and this is where a trial or hearing can possibly begin. The court will hold the order of liquidation, and fix the date for ascertaining debts and claims against the insolvent insurer.