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Ask Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I am about to file Chapter 7 personally because of credit card

Customer Question

I am about to file Chapter 7 personally because of credit card debt used for business. I own a business that has no value except for a good name and reputation with clients. I have been advised to close the business prior to filing Chapter 7. I have a competitor interested in licensing the intellectual properties of my business and hiring me to work for them in a newly formed division. Is it legal to license the intellectual properties of what will be my former business? Will there be repercussions from the creditors to the competitor who wants to license this?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

The license will be considered an asset in the bankruptcy estate. This means that the trustee may claim the license proceeds for the benefit of the creditors.
Customer: replied 7 years ago.
What if the licensing agreement does not occur until after the filings?
Expert:  Ellen replied 7 years ago.
It may be helpful. However you will still need to disclose the "potential"