Minor has filed for Chapter 7 protection, which a bankruptcy lawyer who spoke to Bloomberg said "is clearing the slate":
For individuals, Chapter 7 provides a chance to start over, and basically stiffs creditors (of which Minor has 60, The LA Times reports). For businesses or partnerships, on the other hand, no debts are discharged.
"He isn't required like Middle America to pay his debts, because they're mostly business-related."
By 2012, The LA Times says, California declared Minor and his wife to be the state's top income-tax delinquents, with an unpaid bill of $10.5 million.
Minor blames his financial downfall on speculation outside the tech industry, which he calls his "comfort zone." In addition to art, he invested heavily in real estate, hotels and horses.
According to Bloomberg, the address Minor gave on his bankruptcy filing carries the Beverly Hills zip code 90210. When a reporter went there looking for Minor, "There were three SUVs in the driveway -- a black Mercedes Benz, a black Range Rover and a black GMC Yukon -- and a bicycle. Gardeners were mowing the lawn." Those cars may soon be sold at auction by a court-appointed trustee. No idea what the gardeners were still doing there. Minor didn't come to the door.