Franchises

[danaf]

Someone at work who told me she is filing asked me this question today.

She bought a cruise franchise a few years ago. The kind where you can work from home. She paid around 10k. She did it for a while but she spent more $$$ on it than she made so she quit and got a real job.

She'll be filing soon and is in the process of filling out paperwork pro-se. She almost forgot about this franchise since she doesn't do it anymore. Should she list this? She couldn't care less if the trustee wanted it. Is it considered an asset?

I told her I thought she should list it. But wanted to hear responses from those more knowing than I on this subject. (she doesn't have a home computer anymore so she can't join this site).

thanks

[HHM]

If anything, the franchise is a liability, not an asset. So, in that respect, it should be listed.

[danaf]

HHM - why would it be considered a liability if she isn't working it anymore? And she paid the franchise fee up front so she doesn't owe them anything. How should she list it?