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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 Banjiman » Thu Feb 18, 2016 7:07 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
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Can A Bankruptcy Trustee Sell Intellectual Property (patent) To Pay Off Creditors In A Chapter 7 Personal Bankruptcy?

Postby Å¡lfur » Fri Feb 19, 2016 2:42 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.
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Can A Bankruptcy Trustee Sell Intellectual Property (patent) To Pay Off Creditors In A Chapter 7 Personal Bankruptcy?

Postby Digon » Fri Feb 19, 2016 4:10 am

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

Postby Britt » Fri Feb 19, 2016 12:20 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. 69 months ago
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Can A Bankruptcy Trustee Sell Intellectual Property (patent) To Pay Off Creditors In A Chapter 7 Personal Bankruptcy?

Postby Zeeman » Sat Feb 20, 2016 4:25 am

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

Postby Waed » Sat Feb 20, 2016 9:57 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. 69 months ago
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Can A Bankruptcy Trustee Sell Intellectual Property (patent) To Pay Off Creditors In A Chapter 7 Personal Bankruptcy?

Postby Garmund » Fri Feb 26, 2016 2:20 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.
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Can A Bankruptcy Trustee Sell Intellectual Property (patent) To Pay Off Creditors In A Chapter 7 Personal Bankruptcy?

Postby lennie » Sun Feb 28, 2016 8:10 am

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

Postby Damh » Thu Mar 17, 2016 3:34 pm

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.
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