Hi,
I'm new to this forum, but have been reading up on bankruptcy stuff and reading a lot of your posts. I have read a lot about assets like houses, cars, and boats, but nothing about intellectual property.
I am thinking about a Chapter 7 bankruptcy (lots of debt, not much income, not much in the way of assets) but am kind of stuck on a potential asset. I am sole proprietor of a small business and have some intellectual property that is really important to my work and which I sometimes sell it to clients as an "add on" to other services. It's not likely that this property would have any value to anyone other than to me or to clients already working with me. No one could ever just turn around and sell this. It has to be bundled with one of my other services in order to have any use or value.
I am really concerned that in a bankruptcy I would have to declare this property as an asset. Although it wouldn't likely have much value to anyone else, it has enormous value to me and so don't want to do anything that may risk losing it.
As far as the financial value of the property is, I could tell you what I sell it for, but I spent so, so much money in the development of it that I haven't even begun to recover my investment.
I'd rather not file than risk losing this property--it's important to my work and close to my heart. However, if there is a way to disclose it and still hang on to it, I'd rather go that route.
Does anyone have any advice for me. THANKS.
I'm new to this forum, but have been reading up on bankruptcy stuff and reading a lot of your posts. I have read a lot about assets like houses, cars, and boats, but nothing about intellectual property.
I am thinking about a Chapter 7 bankruptcy (lots of debt, not much income, not much in the way of assets) but am kind of stuck on a potential asset. I am sole proprietor of a small business and have some intellectual property that is really important to my work and which I sometimes sell it to clients as an "add on" to other services. It's not likely that this property would have any value to anyone other than to me or to clients already working with me. No one could ever just turn around and sell this. It has to be bundled with one of my other services in order to have any use or value.
I am really concerned that in a bankruptcy I would have to declare this property as an asset. Although it wouldn't likely have much value to anyone else, it has enormous value to me and so don't want to do anything that may risk losing it.
As far as the financial value of the property is, I could tell you what I sell it for, but I spent so, so much money in the development of it that I haven't even begun to recover my investment.
I'd rather not file than risk losing this property--it's important to my work and close to my heart. However, if there is a way to disclose it and still hang on to it, I'd rather go that route.
Does anyone have any advice for me. THANKS.
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