50 Cent To File For Personal Bankruptcy So He Doesn't Have To Pay Sex Tape Lawsuit?

[jilla82]

:dahellwhat:

Have you ever tried to by a house before:dahellwhat:

Try doing so with just cash and see how it goes for you:yeah ok:

"Why would his personal credit matter"?

Breh you can't buy anything worth owning in this world without personal credit...

Come on breh do your googles this shyt isn't rocket science...

Look up chapter 11 bankruptcy...look up all it entrails...look up all the rules surrounding it...after you do that...ask yourself...would you rather go through all of that or pay a lawsuit...

The fact that he filed chapter 11 is a pretty strong indicator that this doesn't have much to do, if anything at all, with the lawsuit

you can buy a house/apt etc... easy with cash...I dont know what youre getting at.

Also...you dont need personal credit to purchase anything...you do realize people buy/lease there cars in the name of their companies right?

The automatic stay goes into effect, stopping creditors’ collection efforts and lawsuits against you. After you file, the bankruptcy clerk notifies all of your creditors and sets up the required creditors’ meeting. The US trustee and your creditors use this meeting to confirm your information and can ask questions about your finances.

Discharge
Once your plan is confirmed, you’ll receive a discharge from any debt that existed before the bankruptcy petition was filed. Discharge ends your responsibility for the debt. Of course, you must make all of the payments set forth in the debt reorganization plan. Once you meet all reorganization plan conditions, the bankruptcy court issues a final decree closing your case.

Basically...nobody (except the government and money owed to his kids) can come after him for money until all this is sorted out (which can take years).
Once its sorted out...he'll only have to pay a portion of his current debts (probably).

Again...how can you possibly think him filing for Bankruptcy is a mere coincidence?
Verdict comes down on Friday, he files for Bankruptcy on Monday.

Jackson was supposed to hand over a net worth statement plus his state and federal tax returns for the past five years on Monday so the jury could calculate punitive damages in addition to the initial $5 million award for Leviston’s emotional distress.

He already tried it w/ the Bankruptcy of the boxing company...but the judge proceeded anyway (I forgot the legal terms they used)

50 Cent put his boxing promotion company, SMS Promotions LLC, into bankruptcy protection on May 26. The maneuver was related to the 2010 sex tape lawsuit.

youll know he's broke when he sells his property at a loss...until then all of this is just poor people feeling joy at the possibility of someone that has more than them going through something.

 

[pimpineasy]

You're correct. I think 50 did that shyt because Ross camp superimposed a his oldest son head on a monkey. I think he lost his shyt at that point. He went after kahled's mom and host of other shyt. I think he doesn't have impulse control, you set him off and the fuse is lit.

yeah i can certainly see that but there comes a point where you just have to let silly ish go...................how i react to a fukkboy is different now that when i was dead broke you got to adjust ...........you worth millions, access to all the fine women drugs alcohol parties celebrity friends and you still beefing with people for what?

 

[mobbinfms]

Restitution DOES apply to civil cases...:yeah ok:

http://www.legalmatch.com/law-library/article/what-is-restitution.html

Restitution is a type of remedy available in many civil lawsuits and in some criminal cases. This type of remedy is calculated based on the gains of the defendant, rather than the plaintiff’s losses. Restitution basically requires a defendant to forfeit gains that they have unlawfully obtained to the plaintiff. - See more at: http://www.legalmatch.com/law-library/article/what-is-restitution.html#sthash.I9iD8sTn.dpuf

Interesting.

I practice in MD and DC and I can tell you there are no restitutionary damages in those jurisdictions for personal injury cases.

I'd be interested to see an application of this in a recent civil case.

 

[backbreaker65]

After reading this shyt, here's my opinion. I think fif was going to pay the 5 million. I think what got him was the punitive assessment, they were asking for 10 million and the judge was actively seeking 10 million hence let me see those irs filings for the last 5 years. I think 5 mil is fair, 15 million is asinine borderline crazy. Whether he's broke or put his monies in his business or not. Bankruptcy is serious business and he's claim 10 to 50 million in debt, that's a shyt load of monies to owe period. Was the lawsuit convenient way to get rid of debt? I would love to see the long game, will the court grant the bankruptcy? how much in punitive damages gets awarded, if any. What we will know in the end is either 50 cent has run of the mill text book lawyers, or smart ones. We will see.

 

[duckbutta]

you can buy a house/apt etc... easy with cash...I dont know what youre getting at.

Also...you dont need personal credit to purchase anything...you do realize people buy/lease there cars in the name of their companies right?





Basically...nobody (except the government and money owed to his kids) can come after him for money until all this is sorted out (which can take years).
Once its sorted out...he'll only have to pay a portion of his current debts (probably).

Again...how can you possibly think him filing for Bankruptcy is a mere coincidence?
Verdict comes down on Friday, he files for Bankruptcy on Monday.



He already tried it w/ the Bankruptcy of the boxing company...but the judge proceeded anyway (I forgot the legal terms they used)




youll know he's broke when he sells his property at a loss...until then all of this is just poor people feeling joy at the possibility of someone that has more than them going through something.

Ok :yeah ok:

 

[DonKnock]

If you say so


If Floyd can have $100mil in the bank, I can only imagine what bill gates could have in the bank if he wanted to.


Maybe you should ask for clarifications on my statement: IF you had the OPTION to keep $50 mil in the bank, you rich to me.


Floyd has that OPTION (and does)

Bill Gates has that OPTION (and doesn't)


50 doesn't even have that option


That nikka aint got 2 nickles to rub together the way he getting hammered with these lawsuits that require LIQUID payments.

I took the statement at face value because it was dangerous.

If you want to generate wealth, you have to have your money working for you: not just sitting around - "liquid"

Floyd has properties, Mayweather Promotions, etc. He is not letting his money just sit either. That receipt was probably after a deposit from a fight and I'm sure a large portion of that money quickly exited that account to another business venture.

 

[CodeBlaMeVi]

He said recently he is PERSONALY not wealthy, but his company's hold wealth and that their protected.

Damn, 50 Cent hard on hoes. She can't sue his companies or any employees because they didn't release the video.

 

[Mac Casper]

Dude don't wanna pay for the lawsuit . . stop being dummies

 

[Scientific Playa]

i bet the lawyers and his babymama clipped him for a chuck of his liquid net-worth under the table (the fix) a couple of yrs ago.

50 Cent Avoids Jail for Domestic Violence Arrest: Report
By Billboard Staff | October 28, 2013 2:38 PM EDT

http://www.billboard.com/articles/c...oids-jail-for-domestic-violence-arrest-report

 

[Robbie3000]

Did he ever pay Sleek Audio the 17 million he owed?

 

[loyola llothta]

i bet the lawyers and his babymama clipped him for a chuck of his liquid net-worth under the table (the fix) a couple of yrs ago.

50 Cent Avoids Jail for Domestic Violence Arrest: Report
By Billboard Staff | October 28, 2013 2:38 PM EDT

http://www.billboard.com/articles/c...oids-jail-for-domestic-violence-arrest-report

Dude legal team is eating

 

[Still FloW]

you gotta be stupid to think Godfather Fif is broke... he's been on forbes top 10 for the past 10 years lol..

simple business move.. you clowns cant be THAT stupid right ?

 

[Da King]

you gotta be stupid to think Godfather Fif is broke... he's been on forbes top 10 for the past 10 years lol..

simple business move.. you clowns cant be THAT stupid right ?

you think Forbes list numbers are accurate?

 

[BiggWebb79]

Rich people problems

 

[Arithmetic]

Support the courts system ran by old bitter cacs in their attempt to separate a wealthy black man from his millions brehs