Yes, if you’re a football fan with public seat licenses, PSLs, you must list them in your bankruptcy case. It is also true that the bankruptcy trustee can sell them.
If the public seat license, as an asset, could be sold at a profit for value, then the PSL must be part of your bankruptcy case. The good news is that you could probably use some of your exemptions to increase the likelihood that the trustee won’t need to take the PSL(s) in order to sell them to satisfy your creditors. If you have not included the PSL(s) in your schedules and if your trustee bumps into you at the stadium, he or she is going to want to know if you have a PSL and, if so, why you didn’t list it in your schedules. So you can see that your best strategy is to include the PSL in your bankruptcy papers and to exempt it. Or, after listing the PSL in your bankruptcy schedules, you could try to convince the bankruptcy trustee that there is insufficient value / equity in that asset for the benefit of creditors. Without sufficient value in that asset, you would then encourage your trustee to simply abandon it.
If you’re wondering whether you should include an asset in your bankruptcy, please pick up the phone and call me at phone number 410-484-9000. I would love to hear from you.
