Bankruptcy Auctions

Depending on what situation you are in a bankruptcy auction is a good thing or a bad thing. Therefore, the following topic will be divided into two parts. If you are in the situation of having your property auctioned off at a bankruptcy auction, I would suggest that you do not read the other half of this section.

If you are looking for a bankruptcy auction to pick up some stuff. Well, you can read the first half but if you want to sleep at night I wouldn’t suggest it.

Bankruptcy Auction for Debtors

If you have filed for bankruptcy you know by now that many of your assets and property must be liquidated in order to pay off your creditors. If you have filed under the right chapter of the American code, you will be able to hang on to as much of your stuff as possible.

If you have not filed under the right code you might be in for a surprise when someone ends up buying your childhood home.

Because your assets are now under the jurisdiction of a court appointed trustee you have very little control over how and where your property is liquidated. You may be a little frustrated when your possessions are sold at what you believe to be a price significantly lower than what you think they are worth.

This however is the reality of bankruptcy auctions. The aim is to get fair market value, and an auction is one way of achieving this.

Bankruptcy Auctions for Shoppers

That businesses competitors scoop up often liquidated assets from large business, and depending on the market they could fetch a fairly good price.

Small business owners have it a little rougher. Most small business has an idiosyncratic method to production and the material from this method is often of little use to larger interests. For instance, Subway will not buy Ma and Pa’s old meat cutter.

Therefore, if you are looking for single items at a great price you can find them at bankruptcy auctions. These are also great places to find homes and cars that could not be claimed as protected by the infracted debtor.

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