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California Chapter 7 bankruptcy requires meeting deadlines

When he sold his company, CNET, in 2008, Halsey Minor became a household name for many people in California. That is because the money that he netted was as much as $200 million. Now he is again in the headlines with financial difficulties. He recently filed for the protections offered by a Chapter 7 bankruptcy.

In the Chapter 7 bankruptcy filing, Minor reported that he had only $50 million in assets from his once vast fortune. He also had accumulated $100 million in debts. These came from failed investments in real estate and the creation of a large art collection. In fact, one of his creditors was Sotheby's, the fames art sales company.

The Chapter 7 bankruptcy is often called a total liquidation by people in California. This is because in such cases assets can be available to be sold to repay debts. However, the good news for people who find that they need to file such a bankruptcy case is that there are exemptions that can be used to protect at least some of the assets held by the person in need of help.

For Minor there may also be additional difficulties. His case was recently dismissed sue to the failure to meet some court deadlines. Though he may be able to reinstate the matter in the near future, the dismissals may be a caution to those seeking to enter into the Chapter 7 process. All aspects of the process should be considered to avoid such troubles. This can help get to a positive outcome more quickly and easily.

Source: bloomberg.com, "CNET Founder’s Bankruptcy Thrown Out Over Missed Deadline," Erik Larson & Dawn McCarty, June 13, 2013

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