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Founder of CNET selling home after filing Chapter 7 Bankruptcy

For most people struggling with debt, owning a mansion is something they can only imagine. However, for the founder of CNET, who recently filed for Chapter 7 bankruptcy protection, not only did he own a mansion, but he is now forced to sell it.

It is hard to imagine that someone who sold a business they founded for $1.7 billion having to file for bankruptcy, but that was the unfortunate case for Halsey Minor, the founder of CNET. He sold CNET to CBS back in 2008, and has since made multiple bad investments. Finally, back in May, Minor filed for Chapter 7 bankruptcy to deal with his losses. Though in many cases all of a debtor's assets are protected, it appears that Minor is being forced to sell his home as part of the bankruptcy. The home is selling for $14.9 million, even though he bought it for $20 million in 2006. Part of the reason for the price drop, besides the poor housing market, is that the home has since fallen into disrepair.

Though it is hard for many people to feel bad for someone who at one time was a billionaire, it is certainly understandable how hard it is to lose a lot of money and be struggling with debt because of a tough economy, bad investments or losing a job. Typically, when someone files for bankruptcy their assets are completely protected from asset liquidation during bankruptcy, but in some rare instances when an asset is either worth more than can be protected or if an asset is gained during the bankruptcy and was not protected at the time of filing, the trustee can force the debtor to sell it to pay back creditors. Most of the time it won't pay off all of the creditors, but it will still be used for that purpose.

Filing for bankruptcy is one of the few ways to be sure to get a fresh financial start. Once it is over, the debtor can begin to move on with life, free from overwhelming debt.

Source: Epoch Times, "Halsey Minor Mansion: CNET Founder Selling Los Angeles Mansion After Bankruptcy Filing," Zachary Stieber, Aug. 19, 2013

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