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Chapter 7 bankruptcy requires disclosure of assets and debts

People in Ohio know that investments can end with profits or losses. When they end in losses, some find that they need to seek the protections offered by a Chapter 7 bankruptcy. That is what happened recently to a man who was once one of the richest people in our country. 

Halsey Minor was well known in Ohio and elsewhere when he sold his company, CNET, in 2008. He gained as much as $200 million for that one transaction. After the sale, Minor purchased real estate and created a large art collection. Unfortunately, as happened to many people in our state, the real estate crisis claimed many of the profits for Minor.

Now, he has filed a Chapter 7 bankruptcy in his home state. In disclosure documents, he listed only $50 million in assets remaining. This was offset by at least $100 million in debts.  Some of these may be repaid to creditors by money gained from sales of some of the assets held by Minor. This is a common occurrence in a Chapter 7 bankruptcy. 

The filing of a Chapter 7 bankruptcy can be good news for some in Ohio. This is because, as happened with Minor, such individuals find that they are unable to continue to repay the debts that they owe. If they are successful in their bankruptcy, people can find that they are able to discharge most of their unsecured debts, giving them a chance to begin again, essentially debt free and able to restart their financial lives.

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

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