Wholesaling deals in Chapter 7 Bankruptcy?

[Tom Tram]

Hey guys,

Been getting some leads for deals where the owner has filed Chapter 7 Bankruptcy. Anybody have experience in this area? Is it possible to earn a fee wholesaling these types of deals (double close/assign)?

[Ibrahim Hughes]

"I'm going to stay away from the bankruptcy deals as it just seems like way too many hoops to jump through."

Unless it's been discharged. The only hoop at that point, and it will likely be HUGE, is convincing the debtor/owner that they still own the property and can therefore sell it. After they talk to the BK attorney who simply wanted to collect a fee for preparing and filing the BK and that's it, they will tell you that "my attorney says I no longer own the property so therefore don't sign anything with you". Smh. Thus the asset that could have made them $$$ gets swallowed up for back taxes instead. I've seen it a thousand times.