patents

[paperchase1966]

I have two questions relating to patents. First, do I list them if they're assigned to the company I used to work for? Second, do I list patents that are pending? Any help would be appreciated!

[Minnymouth]

This is a question you really need to ask an attorney about.

If the patent is in your company name or belongs to your company....then I wouldn't list it because you make no income from that patent.

If the patent is totally yours, and you make a profit from the patent, then that income would have to be listed.

I would think that a patent that is pending...... does not exist as far as income is concerned when you file. It may be future income, but not present bankruptcy income.

Find you a good business attorney to answer these questions for sure to make sure you get a correct answer.

[BKOnce]

patent = license (not income)... unless "royalty" monthly already paid!??

[woeisme]

I also have multiple patents, and I did not list them anywhere on the BK because #1 - I am just one of the names on the patent so my percentage is small if they did make any money, #2- even if any did start to make money, the company has a clause where they get reimbursed all of their expenses (lawyers, filing fees, etc.) before any of those named on it get a dime (they also get 50% after they get back the $ invested in the patent), and #3 - only a very small percentage of patents ever make money, and none of mine ever have, so what is there to report?

Of course if you license your technology and do start to earn $ from the patent, you would have to report that to the trustee. But right now, unless some of your patents are already making $ for you, it's all speculative, kind of like owning a lot of lottery tickets doesn't mean you'll ever hit the Powerball, lol.

[paperchase1966]

Thank you all for replying, it's very helpful.