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

[SchoolTheseCats]

Guess Donald trump broke and he filed for bankruptcy 4 times.... Some of you guys need to know the different chapters of bankruptcy chapter 11 is what most rich ppl file to pay stuff off over time to maintain being rich

[Chuckguy]

Time for a new album

[HanzGruber]

50 himself or just his sms promo. 50 seems like a smart guy when it comes to money I would be shocked if he went broke

[bigdunny1]

Guess Donald trump broke and he filed for bankruptcy 4 times.... Some of you guys need to know the different chapters of bankruptcy chapter 11 is what most rich ppl file to pay stuff off over time to maintain being rich

If I'm not mistaken hasn't Trump had one of his companies he owned file bankruptcy 4 times but has he filed personal bankruptcy? That's a big difference. In a span of months 50 has filed for corporate and personal bankruptcy.

[MC Hammer]

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.

The thing is, if 5mil from his personal account would disrupt his business dealings, then 50 was on his way down anyway. Why would liens be placed against him if he could afford to pay it off?

He may have done this to protect his assets but he wasn't going to lose much more than the 5mil that was already gone. It hurts his brand more by filing for this, because he looks like he can't handle his business, and wasn't he known more for that than his musical talent?

[Tyler_Durden]

Nobody gives a **** about 50¢ or his finances.

[THEFRESHBRAWLER]

But....how good can he read doe
Karma

[THEFRESHBRAWLER]

Guess Donald trump broke and he filed for bankruptcy 4 times.... Some of you guys need to know the different chapters of bankruptcy chapter 11 is what most rich ppl file to pay stuff off over time to maintain being rich

Donald trump has never filed bankrupt personally. His companies have

[Check_hooks]

I doubt 50 is truly broke

He still has his show Power and Southpaw is coming out this month. Hes still very in demand in hollywood.

[SchoolTheseCats]

If I'm not mistaken hasn't Trump had one of his companies he owned file bankruptcy 4 times but has he filed personal bankruptcy? That's a big difference. In a span of months 50 has filed for corporate and personal bankruptcy.

He has signed for personal twice chapter 11 is different from 7 or 13 when you actually poor they start selling off items you own to get money 11 is to pay off debts lawsuits come to agreements with creditors lower payments over time