Financial hardship can affect individuals of all backgrounds and socioeconomic levels. When people reach the point where it is impossible to meet all of their financial obligations, they may find themselves filing for bankruptcy. Depending on their assets, debt and income, they will most commonly either file for chapter 13 or chapter 7 bankruptcy.
The Chapter 7 bankruptcy procedure is sometimes referred to as a liquidation. This is because of the nature of the process. The assets of the consumer are sold and the proceeds of the sales are distributed by the trustee assigned to the case, to creditors. At the end of the process, most remaining debts are discharged, and the debtor essentially gets to financially start over.
There are of course a wide variety of assets that may be sold as a part of the liquidation. While items such as homes, cars, boats and jewelry may be the first things that come to mind when one thinks about liquidated property, collectables are also often a part of that list.
Recently, what is possibly the most expensive movie poster in existence was seized to be sold as a part of a chapter 7 liquidation. The poster is from the 1927 German silent movie classic, Metropolis. Estimated by some to be worth more than $1 million, it is one of only four copies known to be in existence. This poster is not the only one that will be auctioned to pay back the debts of the debtor. He also reportedly has a rare poster from the 1933 movie, King Kong.
As of yet, a date for the liquidation has not been set. We will provide updates on the matter as they become available.
Source: The Hollywood Reporter, “World’s Most Expensive Movie Poster Seized in Bankruptcy Case,” Andy Lewis, June 22, 2012