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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I have a few questions in reference to a bankruptcy. 1.

Resolved Question:

I have a few questions in reference to a bankruptcy.

1. If I have an invention, do I have to give my invention over to the bankruptcy court? I have partners in this venture...
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

Your rights in the invention would be considered a bankruptcy asset. The trustee can claim all assets for the benefit of creditors.
Customer: replied 7 years ago.
I realize that piece, I guess I was wondering if there is anything I could do in preparation of proceding with bankruptcy but yet not lose my potential position with this invention?
Expert:  Ellen replied 7 years ago.

If the current value of your interest in the invention is within your exemption, you would be able to keep your interest.
Customer: replied 7 years ago.
What determines the value, please explain? So the invention is untested and unmarketed. I will have to convince potential or future investors of the value of such invention. What is the consideration of calulating current value?
Expert:  Ellen replied 7 years ago.

You will need to value the invention at what you could sell it for now and not what the future value may be. Consider that at this time the invention may have a close to zero value as you would need to convince someone otherwise.
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