STATUS: First day of fall. Makes me kind of sad. I want summer to stay awhile longer.
What’s playing on the XM or iPod right now? WONDER by Natalie Merchant
…for bankruptcy, what is the best thing an author can do?
My answer? Get your rights reverted before the filing so the books aren’t tied up indefinitely by the court as non-reverted titles will be deemed assets of the company.
By the way, this is true even if you have a bankruptcy clause in your contract specifying that rights automatically revert. Bankruptcy courts don’t perceive it that way and they trump contract clause.
I also suggest you get a full accounting, if you can, of what is owed to you. You want this for several reasons: 1) if you have to file a claim as a creditor in the bankruptcy, you’ll know for how much. 2) you might be able to take the amount loss as a tax deduction (but ask a tax expert first).