50 Cent To File For Personal Bankruptcy So He Doesn't Have To Pay Sex Tape Lawsuit?
- Thread starter LieutenantDan
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I AM WARHOL
Veteran
Bankruptcy ruins credit. Rich people dont need credit. Savvy move 50
People hear bankruptcy and dont even know what it means think of it this way he did the equivalent of a chargeback and used an LLC to eat that legal ruling and you are not liable personally when an LLC has issues and even filing bankruptcy isnt that
Bad it gives you blank slate of credit and theres other tricks that can be done to minimize it's cons. 50 is not only smart but he is mentally not the person to back down.
Krazy
Rifle weh taller dan palm tree
Lol your posting an OLD article. He filed for SMS Promotions bankruptcy weeks ago, he's now filed for personal yesterday cmon son...keep up and read the articles in the thread.
I really dunno why you took to Google to find old articles when there's enough articles in here, clearly you've not been reading lol
WSJ have been posted in this thread but here is a quote and link for y'all folk who don't be reading and checking dates.
“This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs,” said William A. Brewer III, his lawyer, in a statement. Lawyers didn’t explain how he plans to use bankruptcy protection to get a fresh start.'"
http://www.wsj.com/articles/BL-BANKB-21087
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↓R↑LYB
I trained Sheng Long and Shonuff
Its all fun and games till the judge knows exactly what you tryna do, fukk around and get made an example of
Yeah, it looks like he's stalling to move some money around and the judge knows what he's doing.
Lesson learned, if you got long paper, make sure your personal net work is only $50,000
Thats the funniest thing he ever did
At the half hearted grin
Day_Walker
All Star
Im not a 50 stan (or hater) but this shyt is hillarious
best way he could've responded.
The Devil's Advocate
Call me Dad
man i wasn't about to read 10 pages, 50 post per page, about what broke nikkas think about 50 cent
Lol your posting an OLD article. He filed for SMS Promotions bankruptcy weeks ago, he's now filed for personal yesterday cmon son...keep up and read the articles in the thread.
I really dunno why you took to Google to find old articles when there's enough articles in here, clearly you've not been reading lol
WSJ have been posted in this thread but here is a quote and link for y'all folk who don't be reading and checking dates.
“This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs,” said William A. Brewer III, his lawyer, in a statement. Lawyers didn’t explain how he plans to use bankruptcy protection to get a fresh start.'"
http://www.wsj.com/articles/BL-BANKB-21087
i posted the article from the OP... but here's from the article you just posted:
The skeletal, five-page bankruptcy petition didn’t reference the lawsuit. Generally, filing for bankruptcy protection halts lawsuits and collection efforts.
“This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs,” said William A. Brewer III, his lawyer, in a statement. Lawyers didn’t explain how he plans to use bankruptcy protection to get a fresh start.
Mr. Jackson estimates that his assets and debts, which were not itemized, are worth between $10 million and $50 million, court papers said.
The bankruptcy petition lists his address as a Farmington, Conn., mansion, which boxer Mike Tyson once owned. The 21-bedroom home is reported to have a racquetball court, a home movie theater and an eight-car garage.
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.
and here's more info for those who wanted to know:
What are the advantages of a Chapter 11 Bankruptcy?
Chapter 11 is one of the best financial tools available to prevent serious financial trouble before it starts. However, it is typically reserved for businesses or individuals who do not qualify for a chapter 13 bankruptcy. An individual is ineligible to file for Chapter 13 if their secured debts exceed $1,149,525.00 or their unsecured debts exceed $383,175.00 (these limits are subject to annual cost of living increases). With a Chapter 11, it is possible to remove 2nd mortgages, strip away debt that cannot be sustained, adjust interest rates on debt you choose to keep, and payoff other debt entirely. Additionally, you can even rewrite mortgage terms for periods that greatly exceed 5 years on investment properties so that you can pay back the debt over a longer period of time and potentially lower your monthly mortgage payments substantially. This is one of the single biggest advantages in filing a Chapter 11 over a Chapter 13 bankruptcy.
A Chapter 11 bankruptcy lets you rearrange your finances, repay a portion of your debts, and put yourself back on your financial feet. The plan will typically last from three to five years. It does take time, but it can be an extremely successful way to alter your financial course and get back on track.
Just how powerful a tool is Chapter 11 Bankruptcy?
Extremely. You can use it to stop a foreclosure, catch up on late mortgage payments, rewrite mortgage terms, and pay off tax liability without accruing penalties and interest. Even if you pay off all your credit card debt over the 3 to 5 year plan, you will pay no interest during that time, preventing your debt from being a moving target.
The filing of the bankruptcy automatically stops all creditors in their tracks. This is because from the moment you file, the court extends its arms around you and protects you from all your creditors. This protection is called the ‘automatic stay.’ Creditors cannot legally garnish your wages or your bank account. They cannot repossess your car, house, or other property. They cannot cut off your utility service or welfare benefits.
Chapter 11 can be used to buy necessary time. Perhaps you have multiple investment properties that are worth less than what you actually owe. Chapter 11 bankruptcy allows you to pay back only the amount that you actually owe on the properties and you can even stretch out the mortgage payment terms and take advantage of historically low interest rates.
What are the disadvantages of Chapter 11 bankruptcy?
Chapter 11 requires a commitment that is typically between 3 to 5 years. You may have to start paying creditors back relatively quickly after you file your case.
Additionally, Chapter 11 cases require that you produce a significant amount of financial data to the Court each month. It’s a big commitment. It requires steady and stable income. Moreover, they tend to be far more expensive than a Chapter 13 bankruptcy case given the significant amount of attorney time involved in the case. 3 to 5 years may seem like a long time, but do not fret, our Los Angeles bankruptcy lawyers have over a decade of experience and will go over your case carefully to determine if pursuing a Ch. 11 bankruptcy is in your best interest.
The biggest reason Chapter 11 plans fail is because individuals or businesses set forth plans of reorganization that are unrealistic financially. When you have our Los Angeles bankruptcy attorneys represent you, we make every effort to set up a plan that you can actually afford. If a plan is not feasible, we will recommend another course of action prior to the filing.