Is My Copyright an Asset?

[JamesD8]

What is the name of your state? FL
I'm self employed. My income is derived solely through my website and a book I have authored. The book is copyrighted. I'm assuming this copyright would be considered an asset by the trustee. What happens in this situation? Is this asset turned over? How is the value of this determined? Would it be sold at a trustee sale? Losing this completely eliminates my income earning potential. I'm quite concerned, to say the least.
I have no other assets that can be attached, as far as I know. No investment properties, no bank accounts, etc.

 

[planner]

You MUST list the asset with a value assigned and hope it's exempt. In FL your wildcard is $1,000

http://www.floridabankruptcylaws.com/exemptions.html

 

[JamesD8]

As I figured, you are confirming that it is an asset. But, how is the value of something so ambiguous determined? Previous sales, future sales, etc?
And what if the trustee determines the value to be such that I cannot afford to buy it back? (I am, after all, filing BK for a reason).
Losing the copyright renders me unable to earn a living. What happens then? It seems to me that the cure might be worse than the symptoms. Am I better off not filing BK and dealing with the credit card companies and the resulting judgements while still retaining my copyright and website, and thus my ability to earn income?

 

[planner]

You can alway not list the item, and thus non-exempt the asset.

Are you sure there is really value. Can't you just start-up a new, based on the old idea. Things may seem high in value to you but would you get it in the open market?

I see unclaimed web address auctioned off every day on e-bay.

 

[JamesD8]

planner, I'm not sure what you mean when you say "You can always not list the item, and thus non-exempt the asset." Isn't not listing an asset consider fraud?
I believe there is value, to me at least. If the trustee offered it for sale and it was purchased by a bargain hunter, don't I then lose the right to sell my book? And doesn't the holder of that copyright now have the right to do so? If so, it's extremely valuable to me because it is my primary source of income. If this asset is vulnerable in the course of filing a BK, I'd have no choice but to think filing is worse than facing a slew of creditors.

 

[planner]

If you don't list, you have to turn it over to the trustee.

 

[JamesD8]

But, if I do list it, doesn't the Trustee take it anyway?