Bankruptcy: How To Target

[Evan Jacobs]

Hello BP,

I am interested in acquiring homes in my area that are bankruptcy assets. I am looking for enough basic knowledge to attempt to reach out to sellers (or what I assume I'm supposed to reach out to, the trustee(s)).

I am seeing primarily chapter 7 and chapter 13 bankruptcies in my data searches, in what ways do they differ? In what ways are they the same? When should I know to contact either the homeowners who are in active or pending bankruptcy, or the trustees? 

Many thanks to anybody who has insight or experience on this matter, and Happy New Year to you all!