When a business in Pennsylvania or elsewhere files a Chapter 11 bankruptcy reorganization case, there are several key benefits that it may legally pursue in its own behalf. Importantly, the business does not have to close its doors and may continue operating during the bankruptcy. In some cases, it may even be successful in raising new financing to replenish the company's financial coffers during the Chapter 11 proceeding.
Residents of Pennsylvania may be interested in the financial problems of Curtis James Jackson III -- better known as the rapper 50 Cent. He recently filed for the protection of bankruptcy in another state. This filing followed only a few days after a jury in another court ordered Jackson to pay $5 million for violating the privacy of the ex-girlfriend of another rapper. That lawsuit arose from a 2009 incident in which 50 Cent posted a sex video involving the woman on his website.