In the beginning of this final paper the focus is on the analysis of bankruptcy proceedings legal framework, respectively the legal framework itself and its changes. The very explanation 'Glave III.' of bankruptcy proceeding itself or implementation of bankruptcy proceedings give a wider picture of a way and reasons for initiation of bankruptcy proceedings. Legal effects of bankruptcy proceedings are identified, or, in other words everything that happens when the bankruptcy proceedings are initiated is being identified as well as the consequences of the initiation itself. Also, attitudes of the population or attitudes of the country towards real estate and its management are analyzed. By description of all the factors that possibly affect the price, demand and the purchase of real estate itself, it can be seen how Republic of Croatia stands with the number of sold real estates and their total sales value. In the end, there is a description of the way how a certan real estate can be bought in a bankruptcy proceedings as well as it is pointed out who can buy it and how.