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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Working with people in bankruptcy. Posted by Ward-CA- on April 13, 2002 at 10:01 AM In Reply to: Bankruptcy filers posted by Rick on April 09, 2002 at 4:33 PM : While door knocking and phoning, I have run up against a very high percentage of people that will or have already claimed bankruptcy. : 1. Practically speaking, what happens to these people that file? Do they get to keep their house? For how long? How much does it cost them? : 2. How should I deal with these people...both before they file, and after? : 3. Does anyone have an example of an emotionally charged leave-behind designed to convince owners that selling is more in their interest than filing a bk? : Thanks for your help, : Rick =•=•=•=•=•=•=•=•=•=•= Rick, 1. It costs $185 to file a Chapter 13 bankruptcy petition. That buys a homeowner some time (possibly as long as 5 years) to get back on her feet and gradually get caught up with all the delinquent payments owed their lender. If the homeowner screws up her modified payment plan the lender can ask the Court to dismiss their bankruptcy protection and allow them to continue with their interrupted foreclosure action. 2. You can still negotiate with someone in bankruptcy and buy their property. It’s just that you have to get your final sale agreement approved by the bankruptcy judge. Most of the time you’ll get a perfunctory approval. 3. I don’t see this in a setting where their bankruptcy filing and a possible resale to you are in conflict with each other. Just negotiate your purchase with them and if they happen to be in bankruptcy at the time, get the release of the bankruptcy court. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : While door knocking and phoning, I have run up against a very high percentage of people that will or have already claimed bankruptcy. : : 1. Practically speaking, what happens to these people that file? Do they get to keep their house? For how long? How much does it cost them? : : 2. How should I deal with these people...both before they file, and after? : : 3. Does anyone have an example of an emotionally charged leave-behind designed to convince owners that selling is more in their interest than filing a bk? : : Thanks for your help, : : Rick : =•=•=•=•=•=•=•=•=•=•= : Rick, : 1. It costs $185 to file a Chapter 13 bankruptcy petition. That buys a homeowner some time (possibly as long as 5 years) to get back on her feet and gradually get caught up with all the delinquent payments owed their lender. If the homeowner screws up her modified payment plan the lender can ask the Court to dismiss their bankruptcy protection and allow them to continue with their interrupted foreclosure action. : 2. You can still negotiate with someone in bankruptcy and buy their property. It’s just that you have to get your final sale agreement approved by the bankruptcy judge. Most of the time you’ll get a perfunctory approval. : 3. I don’t see this in a setting where their bankruptcy filing and a possible resale to you are in conflict with each other. Just negotiate your purchase with them and if they happen to be in bankruptcy at the time, get the release of the bankruptcy court. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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