Welcome to Law-Forums.org!   

Advertisments:




Sponsor Links:

Discount Legal Forms
Discounted Legal Texts


Can A Bankruptcy Trustee Sell Intellectual Property (patent) To Pay Off Creditors In A Chapter 7 Personal Bankruptcy?

Discuss the legalities of Bankruptcy Law

Can A Bankruptcy Trustee Sell Intellectual Property (patent) To Pay Off Creditors In A Chapter 7 Personal Bankruptcy?

Postby burt » Mon Oct 06, 2014 7:46 pm

ElBanditoRoso said: 1 Yes. The patent is considered an asset to the bankruptcy estate. Some assets(like a house) are protected, but others are not. Intellectual property is not a protected type of property. 53 months ago
burt
 
Posts: 49
Joined: Thu Mar 31, 2011 1:16 pm

Can A Bankruptcy Trustee Sell Intellectual Property (patent) To Pay Off Creditors In A Chapter 7 Personal Bankruptcy?

Postby Beverleigh » Mon Oct 06, 2014 10:59 pm

Thank you for your response. If patent and trademark are sold or auctioned off in excess of debt would I receive the difference? I'm asking because the first fee is due on my patent and I'm not sure if I should pay it or not.
Beverleigh
 
Posts: 48
Joined: Fri Jan 31, 2014 5:05 pm

Can A Bankruptcy Trustee Sell Intellectual Property (patent) To Pay Off Creditors In A Chapter 7 Personal Bankruptcy?

Postby Donovon » Tue Oct 07, 2014 3:57 am

Yes. The patent is considered an asset to the bankruptcy estate. Some assets(like a house) are protected, but others are not. Intellectual property is not a protected type of property.
Donovon
 
Posts: 45
Joined: Thu Apr 10, 2014 9:22 pm

Can A Bankruptcy Trustee Sell Intellectual Property (patent) To Pay Off Creditors In A Chapter 7 Personal Bankruptcy?

Postby Azel » Tue Oct 07, 2014 3:47 pm

sometimes a house is not even protected in a lot of states....here in Virginia...if you file a Chapter 7 bankruptcy and you have equity in your home and you cannot claim the TXE exemption...the Trustee will either sell the home and pay the Creditors or the Debtor has to come up with the Amount of equity that is there. and Elbandtio is correct...that is an asset ...
Azel
 
Posts: 46
Joined: Wed Apr 02, 2014 9:28 pm

Can A Bankruptcy Trustee Sell Intellectual Property (patent) To Pay Off Creditors In A Chapter 7 Personal Bankruptcy?

Postby Jomei » Tue Oct 07, 2014 6:07 pm

LglSec said: 2 sometimes a house is not even protected in a lot of states....here in Virginia...if you file a Chapter 7 bankruptcy and you have equity in your home and you cannot claim the TXE exemption...the Trustee will either sell the home and pay the Creditors or the Debtor has to come up with the Amount of equity that is there. and Elbandtio is correct...that is an asset ... 53 months ago
Jomei
 
Posts: 34
Joined: Sat Feb 08, 2014 8:18 pm

Can A Bankruptcy Trustee Sell Intellectual Property (patent) To Pay Off Creditors In A Chapter 7 Personal Bankruptcy?

Postby Renfrew » Wed Oct 08, 2014 6:39 pm

newuser68855631 replied to post #1: 3 Thank you for your response. If patent and trademark are sold or auctioned off in excess of debt would I receive the difference? I'm asking because the first fee is due on my patent and I'm not sure if I should pay it or not. 53 months ago
Renfrew
 
Posts: 55
Joined: Tue Feb 04, 2014 9:28 pm

Can A Bankruptcy Trustee Sell Intellectual Property (patent) To Pay Off Creditors In A Chapter 7 Personal Bankruptcy?

Postby maddox » Wed Oct 15, 2014 8:57 am

IF you owe 50,000.00 to unsecured Creditors and the patent sells for 100,000.00, after the Trustee gets his cut, you would get the difference.
maddox
 
Posts: 45
Joined: Thu Mar 31, 2011 10:39 pm

Can A Bankruptcy Trustee Sell Intellectual Property (patent) To Pay Off Creditors In A Chapter 7 Personal Bankruptcy?

Postby Wahkan » Thu Oct 16, 2014 4:40 pm

LglSec said: 4 IF you owe 50,000.00 to unsecured Creditors and the patent sells for 100,000.00, after the Trustee gets his cut, you would get the difference. 53 months ago
Wahkan
 
Posts: 47
Joined: Wed Apr 09, 2014 5:24 am


Return to Bankruptcy Law

 


  • Related topics
    Replies
    Views
    Last post
cron