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Former Internet millionaire's house available in bankruptcy sale

People in Ohio who are contemplating filing for bankruptcy might assume that it's only those with limited incomes who might fall behind on their bills and be forced to contemplate the idea of foreclosure. However, people who are wealthy -- even what many people might consider members of the super-rich elite -- can run into the same sorts of financial issues. For those people, however, the dollar figures are on a much more inflated scale.

Take, for instance, the case of Halsey Minor, an entrepreneur who founded CNET 20 years ago, which grew into a very profitable online company. He sold the company five years ago for close to $2 billion. However, since then, his finances have not been what people would consider to be healthy.

The state of California listed him as the worst delinquent taxpayer for last year; he owed nearly $11 million in taxes. This led to Minor filing for Chapter 7 bankruptcy earlier this year. And while he did not have to worry about stopping mortgage foreclosure, one of his properties in Los Angeles is now on the market for about $5 million less than what he bought it for seven years ago.

While this will raise some cash if it sells, it is not the man's only property on the market. He also owns a home in San Francisco that is being listed at $21 million.

Minor's case is an extreme one; however, many people might be able to benefit from the reorganization to their finances that bankruptcy can provide. An experienced bankruptcy attorney can help someone in a troublesome situation explore their options.

Source: Forbes, "CNET Founder Halsey Minor's LA Estate Listed For $14.9 Million As Bankruptcy Sale," Aug. 16, 2013

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