Schank relishes complicated bankruptcy cases

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For the bankruptcy attorney Jennifer Schank, the more complicated the case, the better.

Small-business bankruptcy filings usually fit that mold, so those by far are Schank’s favorite type of case.

“There’s just a little bit more going on,” she said. “Strategy becomes important in helping the client navigate with their secured lenders.”

Schank decided to specialize in bankruptcy law after working for a boss who was a bankruptcy trustee. It was her first job after she had graduated from the University of Wisconsin Law School.

Schank said she took a liking to the work, moving from the La Crosse area to Madison so she could continue to concentrate on that area of the law.

It seemed an unlikely path for someone who grew up on a farm in Arcadia, then went on to get a degree in kinesiology while at the UW-Eau Claire. But even as an undergraduate, Shank knew that she wanted to help people.

That happens to be one of her favorite parts of her job.

“I just generally enjoy getting to help people in small businesses with their financial problems,” she said. “It’s challenging and satisfying at the same time.”

However, one of the biggest difficulties in her field is that people don’t realize that they need help from a professional and either file pro se or seek the help of a bankruptcy preparer rather than going through a bankruptcy lawyer.

“That’s an issue because (the client doesn’t) understand the bankruptcy code fully and therefore might cause themselves additional problems,” Schank said.

And the belief that bankruptcies are simple is a misconception that’s even found in the legal profession.

“In my opinion, the misconception is that all bankruptcies are very formalistic and simple, so people think, ‘Don’t you just fill out a couple forms and file the case?’” she said.

But you wouldn’t have bankruptcy lawyers if that were truly the case.

“Most cases that our firm takes are extremely complex, very technical,” said Schank. “You want a lawyer who knows what he or she is doing.”