Ch7 Held open for possible proceeds from Intellectual Property?

[freshstart13]

Wife and I had 341 mtg claiming all assets exempt. We did not claim 2 screenplay drafts that wife wrote as intellectual property assets as there has been no interest in them nor any financial effect whatsoever. Trustee went to her website and found them... we weren't trying to hide, just didn't give them a second thought.

Trustee was cordial enough during hearing and found no problems with case except that he wants to continue the hearing til next month in order to look at keeping the case open and "maintain jurisdiction" over the screenplays, recouping any financial gain from them if/when they are sold. The likelihood of this, as everyone knows, if VERY remote!

Can anyone help us understand what will be happening here? Reading through the forums, we're hoping the discharge goes according to schedule, independent of the case remaining open?

If the case remains open for another year or so, does that mean all of our other future finances (possible increases in income and/or assets) are available and subject to the trustee's review and/or disposal until the case is actually closed?

Thanks for anyone's help!

[despritfreya]

Welcome to the forum. . .

The screenplays should have been listed even if you believe they had no value. We do this all the time.

The Trustee will investigate to see if there is a market for them. Yes, he could keep the case open for a while as he searches for a “buyer”. This would not impact the entry of your Discharge and has no bearing on your future income - unless that income comes from the screenplays.

What the Trustee really wants is for you to make him an offer to buy the asset from the estate. It’s called extortion. Now, if you really think there is no one in the world who would by the asset, call his bluff and do nothing. Also, if you really do not care about the asset, do nothing.

If and when the Trustee realizes the asset has no value he will abandon it back to you and close the case.

Des.

[freshstart13]

Thanks so much for the response. Gathering figures on just how rare selling a screenplay is, indie budgets, etc, in hopes to convince them that they shouldn't waste their time.