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Halsey Minor files for Chapter 7 bankruptcy

Even the wealthy need to be careful with how they spend their money. In an economy which is slow to recover, anybody in Texas or in any other state can be at risk, no matter how much money one may have. Halsey Minor who had sold his technology company in 2008 for $1.8 billion, found this out the hard way when he eventually filed for Chapter 7 bankruptcy due to overwhelming debt obligations.

 

Much of Minor's financial difficulty may have stemmed from real estate, fine art and horses. These are some of the items which may have contributed to Minor falling into debt problems. The businessman reportedly owes up to $100 million in debt. This is a problem since he only has $50 million available to repay his debt, according to the bankruptcy petition he filed in mid-May.

Minor made his fortune by investing in technology start-up companies in their early stages. For example, in 2007, he invested in GrandCentral Communications Inc., which was purchased by Google Inc. for approximately $65 million. Minor personally earned $200 million from selling CNET. However, since then Minor has been forced to sell much of his fine art collection to repay some of his debts owed.

 

Filing a Chapter 7 bankruptcy in Texas or in any other state allows the petitioner to possibly discharge much of his or her debts. This type of bankruptcy filing is specifically designed to wipe away unsecured debts, while also reorganizing remaining debts into a more manageable payment plan. In many cases, all of a person's debt could end up being discharged, leaving him or her with a clean financial slate.

 

Source: Bloomberg Businessweek, "How Minor Blew Tech Fortune on Way to Bankruptcy," Dawn McCarty and Ari Levy, May 31, 2013

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