patent assignment and bankruptcy

[isadora]

California:

I assigned my rights in a patented invention to a company I used to work for. That company has just filed for Chapter 7 bankruptcy. How can I find out what happens to the patent assignment? The company also owes me money. I would like to get my rights back if it is possible. Any help would be msot appreciated.

Isadora

 

[racer72]

The patent is probably now considered an asset of the company and in the case of a chapter 7, will be sold to the highest bidder. If you are owed money by the company, you are now a creditor to the company and it will depend if you are a collatoral or non collatoral creditor if you get any money from the company. You may be able to rescind the patent rights, you will need to talk to an attorney to find out if you have any rights left to the patent.

 

[isadora]

Thank you for your reply. Could you explain the difference between a collateral and noncollateral creditor. Also, what kind of circumstances would allow me to rescind my assignement of the patent?

Many thanks,
Isadora