Locate a company which has filed for bankruptcy protection. Get as much financial information about the company as possible. Look over all information critically to decide if the company is salvageable or should be sold in pieces. Look at market share, potential cash flow, debt amounts, what the possible repayments would be and any possible legal issues which may occur.

Find which court the company is working with and the size of the debt. Gather information on the creditors, key stakeholders and suppliers. Plan to meet with all parties involved as you will need to satisfy their concerns and needs to complete the transaction.

Contact a lawyer who is experienced in bankruptcies to make this as easy and quick as possible. Speed and efficiency are key when you purchase a bankrupt company. Have your lawyer meet as quickly as possible with creditors and stakeholders to investigate the feasibility of purchasing the company. Find out if the stakeholders would be willing to sell off the company, and if the creditors would be willing to work with you in creating a solution to the outstanding debts they hold. You will need half of the creditors to agree to your proposal for the courts to consider your offer a viable option. If everyone agrees, move to the next step.

Get the financing for the purchase in place. Write your business plan to outline how you will create a profitable outcome. Research the value of the business's assets to generate an estimate of how much collateral you will have to work with.

Get the paperwork together which you need to present to the bankruptcy judge. You cannot file these papers until 120 days has passed from the initial filing. Use this time to create a complete plan of acquisition and repayment.

Create a plan of action which helps satisfy concerns likely to arise from customers, vendors and any employees that remain after you purchase the company. Prepare yourself to answer questions about your viability, guarantees of payment or services and what conditions you can meet to keep current levels of operations.

Have your lawyer submit the documentation and written bid to purchase the bankrupt company to the court. This will place you into consideration to handle the outstanding debt. Give the initial deposit for the company to your lawyer in check form; this will be presented to the bankruptcy judge showing your sincerity in the proceedings. If you are approved, move to the next step.

Secure your finances. Create an initial payment date for creditors. Make payments to suppliers to show good faith that you have the cash available. Begin running the operation.