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Looking for a business model. Would like to buy assets (real

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Looking for a business model...
Looking for a business model. Would like to buy assets (real estate, intellectual prop, etc.) at bankuptcy auctions. How do I gather info/listings about impending auction proceedings (and get the opportunity to sign stalking horse contracts and or bid at auction). Is there a systematic way to be privy to such information in an organized systematic manner?
Submitted: 8 years ago.Category: Bankruptcy Law
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5/4/2009
Bankruptcy Lawyer: JoeLawyer, Attorney replied 8 years ago
JoeLawyer
JoeLawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 767
Experience: Attorney in the practice of Bankruptcy Law since 1996
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I do not believe there is any system which really organizes bankruptcy sale data like it sounds like you are looking for, at least not that I have ran across.

However, you can probably get a PACER account, which stands for Public Access to Court Electronic Records, which is the electronic system now used to file and review documents in bankruptcy cases.

Different jurisdictions have different PACER access accounts and different features, but on some PACER systems you can sort filed cases by different criteria, so you may be able to sort by "asset cases" as opposed to "no asset cases," since "asset cases" are the ones in which the Court has decided to sell some asset of the debtor's to give money to creditors. If you can sort asset cases, then you can access the dockets to see what assets are going to be sold.

I hope this helps and a positive feedback is always appreciated if this was useful to you.

LEGAL NOTICE: I am only licensed to practice law in certain state(s) and I cannot give legal advice to someone who does not reside in a state in which I am licensed, nor shall anything I say in the above answer or elsewhere on this site be deemed legal advice, even to someone who resides in a state in which I am licensed. Fees I receive for answering questions are paid for information, not for legal advice. This forum is designed to provide general information only, and information herein is not warranted to be correct or applicable in any way since laws may have been misinterpreted herein, since laws change from time to time, and since the impact of those laws on any particular situation varies. The information presented in this site shall not be construed to be formal legal advice nor the formation of an attorney-client relationship. Persons accessing this response are encouraged to seek independent legal counsel in their jurisdiction for guidance regarding their individual circumstances. Do not take any action or inaction based on information presented herein since it is informational and may not be accurate or applicable to you; it merely attempts to give you a basis of knowledge to help you formulate questions to ask a legal or other professional in a face-to-face meeting in your jurisdiction. Joseph Ross does not hold himself out to be a specialist or expert in any area, regardless of assertions made by any third party, and any implication of being an expert or specialist herein is made in error. I hope the information presented above is useful to you. Answer above is (c) Joseph Ross. All rights reserved.
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Customer reply replied 8 years ago
Thank you. Quick follow up. Do I need an attorney or legal assistant to show me how to navigate the system and then to train say a college student to do the repetitive work of reviewing the database? Can a layman without instruction pick it up in a few hours? What is the lowest level person to hire who can easily navigate the 'PACER databases' to glean information about asset sales? Who would I need to hire? Thanks
Bankruptcy Lawyer: JoeLawyer, Attorney replied 8 years ago
I think a layman with some computer savvy could pick it up relatively easily, but I think the court offers free training also (at least our local courts do, not sure about New York).

You can access the PACER site by clicking HERE, which includes the link to create a new account, FAQ, etc. It also has a training link.

You can get more information by going to the Bankruptcy Court website for the particular courts in which you are interested for searching for assets. Here's some links:

New York Bankruptcy Court, Northern District: http://www.nynb.uscourts.gov/
New York Bankruptcy Court, Southern District: http://www.nysb.uscourts.gov/
New York Bankruptcy Court, Western District: http://www.nywb.uscourts.gov/
New York Bankruptcy Court, Eastern District: http://www.nyeb.uscourts.gov/

Each of these websites have a PACER/ECF login and information about PACER for their specific jurisdictions.

LEGAL NOTICE: I am only licensed to practice law in certain state(s) and I cannot give legal advice to someone who does not reside in a state in which I am licensed, nor shall anything I say in the above answer or elsewhere on this site be deemed legal advice, even to someone who resides in a state in which I am licensed. Fees I receive for answering questions are paid for information, not for legal advice. This forum is designed to provide general information only, and information herein is not warranted to be correct or applicable in any way since laws may have been misinterpreted herein, since laws change from time to time, and since the impact of those laws on any particular situation varies. The information presented in this site shall not be construed to be formal legal advice nor the formation of an attorney-client relationship. Persons accessing this response are encouraged to seek independent legal counsel in their jurisdiction for guidance regarding their individual circumstances. Do not take any action or inaction based on information presented herein since it is informational and may not be accurate or applicable to you; it merely attempts to give you a basis of knowledge to help you formulate questions to ask a legal or other professional in a face-to-face meeting in your jurisdiction. Joseph Ross does not hold himself out to be a specialist or expert in any area, regardless of assertions made by any third party, and any implication of being an expert or specialist herein is made in error. I hope the information presented above is useful to you. Answer above is (c) Joseph Ross. All rights reserved.
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