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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2863
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I recently was forced to file Chapter 7 bankruptcy even though

Customer Question

I recently was forced to file Chapter 7 bankruptcy even though most of my bills were being taken care of. In doing so, I had to disclose any money accounts that I knew of, which I did. Now something has come up, which I didn't disclose. My husband passed away 2/1/04. He was a singer, songwriter and left me as sole owner of his copyrights. These were lying fallow for all these years so I never thought of them as an asset, completely forgot about this. Now I have a person interested in using his music commercially. What are my rights?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 3 years ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here..

Terry L. :

I assume you did not disclose your ownership of these in the bankruptcy filing

Terry L. :

You should have your attorney file an amended schedule B and C to exempt what they can.

Terry L. :

Hi

Terry L. :

Is your bankruptcy case still open?

JACUSTOMER-h9n5o165- :

No. It's a done deal as of last May 2012.

Terry L. :

What are these copyrights worth?

JACUSTOMER-h9n5o165- :

I don't know. They're not worth anything if not used.

Terry L. :

did the person make you an offer?

Terry L. :

The trustee in your bankruptcy case needs to review the value and any exemptions you may be entitled to. If the value is greater than what can be protected, then the trustee will decide if it is worth liquidation (or offering you a buyout to purchase them if you wanted to keep them).

JACUSTOMER-h9n5o165- :

We (Alzo's former manager who owns some of the rights) just started talking to this person. Nothing has been done or agreed to yet.

Terry L. :

I see

Terry L. :

did you have any other questions

JACUSTOMER-h9n5o165- :

There is no cash value on the copyright.

Terry L. :

well, it has some value..

Terry L. :

so, your steps would be to give the info to the trustee, and they will make a determination if there is anything to pursue.

Terry L. :

You should reopen the case to file the amended schedules, since failure to disclose assets is bankruptcy fraud, and it will be better if you notified the court, rather than them finding out

Terry L. :

did you have any other questions?

Terry L. :

I see you have stepped out.
let me know if you have any other qestions.

Terry L. :

Thanks

Terry L. :

Terry

Terry L. :

Do you have any other questions?