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.
Jackson chose to file for protection under Chapter 11 bankruptcy rather than Chapter 7. This allows him to continue his entertainment business while resolving his financial problems. During Chapter 11 proceedings, his business interests can remain unaffected. If he had filed for Chapter 7 bankruptcy, his assets would have to be liquidated, including his luxury 21-bedroom mansion.
Less than two months ago, 50 Cent filed for another bankruptcy. That filing was for bankruptcy protection for his boxing promotion company. It was reported that this was also linked to the sex tape lawsuit mentioned earlier. It is further said that, although the 40-year-old rapper’s net worth is estimated to be $50 million, his debts equal that amount.
Individuals, or businesses, in Pennsylvania who want to protect their business operations may file for Chapter 11 bankruptcy, which will slow down — or end — debt collection, repossessions, lawsuits and foreclosures. An experienced bankruptcy attorney will assist in determining whether the reorganization process under Chapter 11 bankruptcy is suitable for the circumstances. A lawyer will provide guidance in creating a restructuring plan that will best suit the client’s circumstances and address debt obligations to optimize his or her best interests.
Source: examiner.com, “50 Cent files bankruptcy protection for the second time“, July 13, 2015