Becoming a Bankruptcy Auctioneer or Appraiser

Part (2/2)

INTRODUCTION
In our last newsletter we introduced some of the requirements to becoming a bankruptcy auctioneer. In this newsletter, we'll discuss how an auctioneer can utilize our tools to help them get hired. 

CONTACTING PANEL TRUSTEES
What most auctioneers will do is contact their local panel trustee, introduce themselves and hope the trustee will contact them when they have an asset for sale. For those unaware, here is the list of panel trustees by state throughout the country:

Chapter 7 panel trustees

The success rate from this type of effort is probably commensurate to the amount of time spent i.e., quite low. Panel trustees are very busy administering cases, and they get these solicitations all the time.

HOW TO STAND ABOVE THE CROWD
Getting a panel trustee to remember and trust you will require multiple touch points. That's where Inforuptcy can help. With our advanced search tools and email alerts, you will be notified of cases in real time where the trustee has informed the creditors that there is an asset for sale. This is a docketed event in the case typically called the "notice of asset" and / or "deadline to file proof of claim." Here's how it appears on our site:

Notice of asset

From those cases you can dig into the docket and filings to determine the assets the debtor filed in their voluntary petition. Then you can make an informed called to the panel trustee mentioning a specific case and even a specific asset and how you could help them maximize value for the estate. This type of consistent outreach will help you stand above the crowd. 

REPORTING AND COMPENSATION EXAMPLES
On our site, you could also see examples of what other auctioneers filed for reporting and compensation purposes. This is a great way to get up to speed if you have never been hired as a bankruptcy auctioneer.
Sample auctioneer filings

SUMMARY
As we have discussed in this newsletter, Inforuptcy can be used as a valuable marketing and discovery tool to not only find cases of interest but also help target panel trustees just as they have announced an asset case. You can even find samples from other auctioneers to accelerate your learning curve.

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If you prefer, you can also schedule a 15 minute web demo so you can see for yourself how to get started.

Schedule a Demo

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You May Also Be Interested In:
The 363 Bankruptcy Sale Procedure – Broken Down and Simplified
Property of the Estate Under 11 U.S.C. § 541
The Automatic Stay
In Which District/Venue Should You Purchase the Asset?
Why U.S. Bankruptcy Acquisitions Make Good Sense For Foreign Investors
Overbid? What is that?
Is Your Bankruptcy Asset Purchase Lien Free? Why?