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You might be concerned about what will happen to your assets if you file for bankruptcy. You might not think about what will happen to your artistic creations. Intellectual property (IP) covers artistic works, which might include things like written or performed music, movies, or literary creations.
Works of Art in Bankruptcy
You should be aware of what can happen to your creative works if you have written music or own copyrighted artwork before declaring bankruptcy. In the event of bankruptcy, the royalties you get are included in your assets. Any income these assets generate can be taken by your designated Trustee and used to pay off your debts. Therefore, whatever revenue you received from music or other works protected by a copyright before declaring bankruptcy is included in your bankruptcy estate.
However, anything made after the bankruptcy filing will not be included in it. In order to assist her pay off her debt, the rights to 27 of her songs were auctioned off in 2013. With the bankruptcy court’s approval, she made an attempt to reclaim the rights to her songs. She lost the opportunity to get any royalties for those tunes since she was outbid. Additionally, she is unable to utilise such tunes any longer. There are alternatives to selling your creative works in a Chapter 7 bankruptcy, as Toni Braxton’s experience illustrates.
What can you do, then?
Meeting with an expert bankruptcy lawyer is the first step. You should go into great detail about your financial status and express your worries about losing your intellectual property. The lawyer may go into great detail about how declaring bankruptcy under Chapter 7, 11, or 13 will impact all of your assets. Do your homework so that you may make an informed choice.
Do You Need More Details?
Call our office right now to arrange a no-cost consultation. We will carefully consider your unique scenario before providing advice on your best alternatives.
You may contact the famous Recovery Law Group if you’re seeking for legal representation and advice for filing for bankruptcy. Visit https://recoverylawgroup.com/bankruptcy/ to schedule an appointment.