QUESTION
If I were to patent my idea during this process, does that mean I no longer own this asset thus having no rights to it?
Asked on Jul 19th, 2017 on Bankruptcy - Ohio
More details to this question:
I have an idea that I'd like to patent right away. The only problem is, I'm in the midst of filing Chapter 7 bankruptcy. I know the whole process from start to finish takes about 4-6 months in order for me to receive a discharge letter from the court. I know this is a hypothetical question because the reality of it is, I won't be earning any month during the months I've filed for bankruptcy but what if I started earning money after 6 months of the release of my discharge letter, would this asset return to me?
1 ANSWER
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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No, assuming the patent is granted it means that you have the exclusive right to control the product or process that is patented. If you developed the idea before filing bankruptcy, the patent would be an asset of your bankruptcy and the trustee could sell it for cash to pay your creditors.
Answered on Oct 02nd, 2017 at 2:45 PM