Tech entrepreneur files for Chapter 7 bankruptcy

People who find themselves looking for debt relief solutions in New Jersey come from a variety of circumstances and backgrounds. They all have one thing in common, however. They are all taking steps to deal with debt and make a new financial start.

Even some of the wealthiest entrepreneurs find themselves exploring bankruptcy options. One man, who is well known in the technology and innovation business world, has pulled in millions of dollars by selling tech companies. However, it was recently reported that Halsey Minor is filing for Chapter 7 bankruptcy.

According to sources, Minor has made most of his fortune through buying and selling tech companies. One of which he sold to Google Inc. for $65 million and he was once ranked as the 34th wealthiest person in the country. However, he was making much of his money by taking aggressive financial risks, many of which were paying off. Recently, he shifted focus from technology businesses to real estate ventures. These were not as successful.

Despite the fact that his business decisions were failing him, Minor continued to live the lifestyle he was accustomed to. He owned lavish houses and had an interest in expensive art which he continued to put money into, even though he was not making enough to cover the purchase.

Now, Minor says that he is about $100 million in debt and only has about $50 million to pay it off because of risky investments that did not pay off. He filed for Chapter 7 bankruptcy so that he can wipe the slate clean and move on to his next venture. While he may lose many of his eligible assets, such as cars, houses and art collections, he will be able to make a fresh financial start.

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

Related Posts: Suze Orman: Why bankruptcy can be better than the alternative, Can you file for bankruptcy…again?, Actress files for Chapter 7 bankruptcy, Supermodel Janice Dickinson files for bankruptcy

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Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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