United States bankruptcy laws are designed to give individuals and businesses a second chance after an economic downturn or other misfortunes derail their financial health. When a person or company files for bankruptcy, however, the filing has an effect on every entity that does business with them.
Bankruptcy processors are essential to the health of businesses and banks whose financial bottom line depends on the outcome of bankruptcy cases. They work with banks and other entities to track bankruptcies and gather key information.
What Does a Bankruptcy Processor Do?
Bankruptcy processors keep track of customers who have filed for bankruptcy. They may create or update account information, record transactions, respond to customer inquiries, research and organize information related to the bankruptcy, and create reports and other communications to help co-workers and supervisors better understand the individual account’s status.
Bankruptcy processors also play a customer service role in many situations. For instance, they may respond to questions from customers who are considering or who have filed bankruptcy. They may help customers resolve problems related to the debt they owe, or they may provide information to customers who need it.
What Background Do I Need to Become a Bankruptcy Processor?
Many bankruptcy processor roles require a minimum of two years’ experience in mortgages, banking, collections, or a similar field. Strong communication and analytical skills are essential to success in the role.
Understanding how to operate a wide range of software helps as well. Bankruptcy processors may work with basic office software like spreadsheets and word processors, as well as with finance-specific tools.
Many employers prefer candidates with a college degree in accounting, finance or a related field. More than two years of experience in mortgages, banking, collections or a related field can put a candidate ahead of others for the same job, as can a strong background in customer service. Candidates who understand bankruptcy guidelines are sought after as well.
Where Can I Find a Bankruptcy Processor Job in Minneapolis?
The recruiters at THE RIGHT STAFF, LLC work with businesses throughout the Twin Cities, including those in need of bankruptcy processors. Contact us today. We’ll help you take the next step in your career.