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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I have 6 self published books that currently generate about

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I have 6 self published books that currently generate about $200 a month in royalties. I have no other assets and make $1900 per month (including the book royalties) with $1875 in monthly expenses. I have $30,000 in unsecured debt. Are my book copyrights likely to be taken from me/sold off in a Chapter 7 bankruptcy?

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.

cfortunato :

How much, if anything, can your copyrights be sold for?

Customer: Hi Chris - I actually do not know the value of the books. They were self-published. I was going to put "Undetermined" as the value on Schedule B. The books are non-fiction and do generate royalties now (about $200 per month total), but may or may not in the future. And that $200 per month is about 10% of my current income. I guess ultimately I am wondering if in my situation I am likely to lose that royalty stream as well as the rights to the material?
Thank you for your response.

It would be a good idea for you to try to determine how much those rights can be sold for before you file a Bankruptcy. The reason is the Bankruptcy trustee can sell those rights if they can be sold for more than around $12,000. (It would not matter if you depend on the income the rights are generating for you.)
This assumes you have lived in Washington state continuously for the past 2 years. If you have not, please indicate where you have lived for the past 2 1/2 years, and I will let you know if the answer would be different.
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