Comments Thread For: 50 Cent Files For Bankruptcy, Significant Debt Builds

[jas]

Gross if true

[ROSS CALIFORNIA]

Damn, for it to take only 5 mil to break him means he was on his way there soon anyway.

[-PBP-]

Probably to avoid having to pay the lawsuit

[Ca$trO]

Bankruptcy is a tool to protect wealth... This is why its important to incorporate.. He is being sued and this is the tool he is using to make this suite go away...

[aldo5408]

Chapter 11
This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.
50 is smart. This is a strategic move that forces creditors to making deals with him, while keeping his business operations alive.
Chapter 7
This chapter of the Bankruptcy Code provides for "liquidation" - the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors
Forces immediate liquidation and distribution to creditors. He don't want this.
From Celebrity Networth:
After hearing about the bankruptcy filing, I spoke to a bankruptcy attorney to understand exactly what is going on. The attorney explained to me that based on what had just happened with the sex tap judgment that he would assume that the bankruptcy filing is a strategic move. In this attorney's opinion, it would appear that Mr. Jackson filed for personal bankruptcy for three important reasons: #1) To prevent the judgment creditor (Lavonia Leviston) from being able to disrupt his business operations and place liens on his assets. #2) To force the creditor to the negotiating table to bring the $5 million judgment down. And #3) To prevent the jury in the sex tape case from being able to award Ms. Leviston further punitive damages.

[Gary Coleman]

Don't be fooled. This is how the rich hold on to their assets and money.

See Donald Trump.

Fif is a dumbass, but he's not broke. He just doesn't want to pay up.

[Ahmed_Ismail]

5 million dollars for sharing a fücking pörno? women are having their way in the US for real!

[GMAN SUPREME]

floyd g@yweather jr will be bankrupt soon especially with al gaymon taking all the money. war jay z

[bigdunny1]

I remember a few months ago when his boxing company filed bankruptcy a ton of posters were buying the cheese that this was no big deal just a restructure of money that 50 Cent was ok financially. I guess not. Dude has major legal issues and it's only a matter of time till his boxing company goes under for good. You got his own fighters complaining about him not being able to secure fights for them, complaining about the money they are getting for fights, at least one fighter jumped shipped (Dirrell) another fighter basically beefed with 50 and kept himself inactive for almost 2 years because he wouldn't take the fights 50 was offering (Kirkland). You could make the case that 50 has ruined the career of every fighter that signed with him. Not one is in a better situation after signing with him. I hope the company goes under and these guys can sign with promoters who actually know what the hell they are doing.

[Mr.Daddy]

His releasing that sex tape without the woman's permission is a crime. "Plug-nickle" deserves all the trouble which he has cultivated.