Q: I am a ticket broker and going to file bankruptcy. Can they take my season and concert tickets?
More complicated is that my unoffical partner has been financing 100% of my inventory. We split profits 50/50. All sales money goes directly to him and then he pays me my cut of profit at end of month. I also have a debt to him of 32K which he takes part of monthly from my profit. My season ticket accounts are in my name but he paid for them on his cc. Can they claim all the money from the sales and can they take my season tickets? To note 1 teams I have a PSL which I own then am obligated to purchase the seasons every year. another team the PSL is less then 50% paid and being financed. I am a sole prop. I understand my tickets are assets but since they are my income and my job can they still take them? Its over $100k in season tickets.
A: Any property in your name will be property of the estate. You can protect some or all of your tickets and PSLs with your exemptions, depending on the value, but anything else over and above your exemption(s) could be liquidated.
A: You are right it is complicated. Someone has to review your financial situation in its entirety. Other than the 32K debt we don't know how much is involved. While some of the value might be exempt there may be other defenses that you would need to execute and/or prepare. Can you trace and prove that your partner paid for the assets? Are you operating as a sole proprietor or as a Corp or LLC? In any bankruptcy your partner's participation would probably become public. Why do you feel you need to file bankruptcy? Sometimes other actions make sense, even if it is only delaying the filing date. Unfortunately there is no "over the counter" answer. You best should consult a few bankruptcy lawyers and pick the one you are most comfortable with.
It will cost you to get a proper review and analysis of your situation but an amateur's mistake could cost you more.
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