Magazine article Journal of Property Management

Networking Is More Than Half the Battle

Magazine article Journal of Property Management

Networking Is More Than Half the Battle

Article excerpt

Becoming a receiver or bankruptcy trustee is more a function of networking, finding work and being selected to do the work, than the result of a formal application process. In fact, no jurisdiction in the United States currently requires an application process to become a receiver.

However, if you are interested in serving as a bankruptcy trustee, contact your regional office of the U.S. Trustee Program and inquire about their requirements to serve as a trustee. Despite the federal venue, the procedures are inconsistent nationwide and practices vary somewhat from jurisdiction to jurisdiction.

Also know that most of the work available today is in the receivership world, and landing work as a bankruptcy trustee often hinges on your experience and the length of time you've been on the receivership and bankruptcy circuit.

Networking is critical to generating new business. Key targets are banks and insolvency lawyers. While the court still has to approve your appointment as a receiver or trustee after lenders or lawyers have asked you to take a case, networking is more than half the battle.

Contact banks' pre-owned distressed real estate or asset management groups- sometimes referred to as Real Estate Owned (REO) or Other Real Estate Owned (OREO) divisions- and inquire about their "impaired" assets, which are the same as upside down assets.

Log on to your state/circuit court Web site and search for "receivership." Once you get down to an actual case caption, take note of the law firm or lawyers and plaintiff (bank) who filed the case. …

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