If you’re a football fan and have public seat licenses, PSLs, you must list them in your bankruptcy case. And if you do, the bankruptcy trustee can indeed sell them.

If you’ve got a public seat license which is an asset that you can sell at a profit for value, then the PSL would be part of your bankruptcy case. The good news is that it’s likely that you’ll be able to apply some of your exemptions to increase the likelihood that the trustee won’t take the PSL in order to sell it for the benefit of your creditors. But if you have PSLs and you go to the games and your trustee bumps into you at the stadium, he or she is going to want to know if you have a PSL and why you didn’t list it in your schedules. This means that your best strategy is to include the PSL in your bankruptcy papers and to exempt it. Or, once you’ve listed the PSL in your bankruptcy schedules, you could try to convince the bankruptcy trustee that there is insufficient equity in that asset for the benefit of creditors and he or she should just abandon it.

If you’re wondering if you need to include an asset in your bankruptcy, please pick up the phone and call me. I would love to hear from you.