Digital Assets, Probate and Wills: Tips from Our Bankruptcy Lawyer in Philadelphia William D. Schroeder, Jr.

In today’s technologically reliant world, many people’s assets fall into the “digital” realm, including domain names, online accounts and e-books. These assets can be hard for executors and administrators to obtain, making it essential to include these sorts of assets in will and bankruptcy filings. Hiring a bankruptcy lawyer in Philadelphia like William D. Schroeder, Jr. can help ensure that you cover all of these bases and manage your digital assets effectively.

Current Laws

When it comes to digital assets, the right of agents, guardians, executors and beneficiaries is still unclear. Many states have yet to begin dealing with these issues and this is reflected in the muddy laws surrounding them. Proper planning with an attorney can help ensure that your wishes are carried out to the best extent possible, despite the lack of clarity in these laws.

Pennsylvania Law

On August 23, 2012, the HB 2580 bill was proposed to provide decedents, estates and fiduciaries power over decedent accounts on social networking, micro-blogging, e-mail and short message service websites. Although this is more than the complete lack of laws seen in many states, it is still a relatively recent proposition and its status is currently unknown.

How Does This Affect Bankruptcy?

When filing for Chapter 7 or Chapter 13 bankruptcy, you need to disclose your assets to the bankruptcy court. William D. Schroeder, Jr., our bankruptcy lawyer in Philadelphia, can help you determine how or not your digital assets should be handled during your bankruptcy filing. Digital assets can vary greatly in value, so this decision will usually come down to how much your digital assets are worth. Furthermore, you need to consider the likelihood of these assets changing, as images and documents on your computer can shift in value due to their ability to come and go so easily.

If you are looking for a reliable bankruptcy lawyer in Philadelphia to guide you through the process of dealing with digital assets, William D. Schroeder, Jr. can provide you with the help that you need. The ambiguity of current digital asset laws makes it very important to be aware of their value and support your bankruptcy filing as best as you can. For more information or further questions, give us a call at (215) 822-2728 and we will be happy to help you.