Finding Hidden Assets
Intangible Personal Property
Intangible personal property ranges from patents, royalty deals, promissory notes, legal agreements, accounts receivable, salary or additional income.
Furthermore, intangible personal property can be described as any property that holds value but has no physical form. Instead, the property represents something else of value. This could range anywhere from a life insurance policy to intellectual property.
An example of this would be if a person received a patent for a new paint removing solution. For the duration of the patent, the holder would receive all financial benefits associated with being the sole seller of this solution. The patent itself has no inherent value, instead, it is assigned value due to the value of what it represents.
Although intangible personal property holds no value in and of itself, it can still be used to hide assets that could otherwise be used to satisfy a debt in need of collection.
Marcadis Singer PA’s expert creditor’s rights attorneys are skilled in both the collection of consumer and commercial debt. We know that time is of the essence when trying to collect a debt and the collector that gets to the debtor first, is most likely to collect. Our attorneys are highly skilled in the collection of consumer or commercial debt and will work on your behalf to take back what is owed to you. Contact Marcadis Singer PA today.