Bankruptcy is an excellent solution for many people who are facing financial difficulties. Rather than struggling to make payments owed filing for either Chapter 7 or Chapter 13 bankruptcy allows a consumer to deal with the matter in a direct manner and get on with the rest of their lives. Exactly which process will be used in a bankruptcy depends on the type of bankruptcy one qualifies for.
Known as a liquidation, in a Chapter 7 bankruptcy filing the filer will find him or herself selling assets to help pay back amounts owed. These sales are orchestrated by the assigned bankruptcy trustee and generally take the form of auctions. The items sold at these auctions vary widely depending on the filer’s specific circumstance and possessions.
Collectors of movie memorabilia likely took note recently when a poster for the movie “Metropolis” was auctioned last month as a part of a bankruptcy. The rare poster, which is believed to be one of only four remaining in existence, was sold, along with three others, for $1.2 million at the auction which unsurprisingly took place in Los Angeles.
The man who walked away with the poster is described as a collector and dealer from the east coast who purchased several other items at the auction as well. He speculates that the poster alone could sell for up to $2 million dollars if sold in another setting. Perhaps more important however is that the individual will be free of the financial burden.
Nothing is known about the individual who was selling the item as a part of his or her bankruptcy. It would appear however, that after the auction, creditors of that individual will receive at least some of what is owed to them.
Source: Hollywood Reporter, “‘Metropolis’ Poster Leads $1.2 Million Auction of Movie Memorabilia,” Andy Lewis, Dec. 13, 2012