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? 3 Answers as of October 02, 2017

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?

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Ronald K. Nims LLC | Ronald K. Nims
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.
Answer Applies to: Ohio
Replied: 10/2/2017
Stephens Gourley & Bywater | David A. Stephens
Any assets you own, other than exempt assets, are assets of the bankruptcy estate. This includes patentable ideas, although the trustee rarely takes a patentable idea.
Answer Applies to: Nevada
Replied: 10/2/2017
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Please consult with local counsel. This fact patter is rife with potential problems.
Answer Applies to: California
Replied: 10/2/2017
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