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

[Cloud Cloud]

In recent estimates, FORBES had projected that 50 Cent was earning enough new income from his various ventures and occasional touring to offset his expenses without having to dip into his Vitaminwater windfall. But estimating personal spending of private citizens is a tricky task, and it appears 50 Cent was blowing through his cash at a speedy rate.

According to today’s filing, 50 Cent’s liabilities are primarily consumer debts “incurred by an individual primarily for a personal, family, or household purpose.” Indeed, he has a taste for fine cars–including Bentleys and Lamborghinis–as he showed this publication two years ago.

This what happen when you try to keep up with someone of REAL WEALTH, like Pretty Boy Floyd.... Floyd can't read, but he got this nikka out here over spending...

 

[Big Boss]

Effen Vodka gonna fail too.. not wishing it. But, its a crowded market with too many household name vodkas that people already bought into..

Take dat take dat

 

[Cloud Cloud]

It's pretty simple, he planted too many seeds and the crops didn't grow. Other news outlets reported that most of his investments didn't turn a profit. His claim to fame was a 1 off cascade of cash, akin to winning the lottery. And similar to many lottery winners, he spent it all. He also got involved in a lot of litigious situations. After attorney's fees he probably is broke. Now for the probablies. He probably has a bag of maybe 1-2 million in cash under the bed, but that will dry up too. He probably will try to operate on a cash basis as long as he can. Hopefully, he doesn't return to the business he thinks he knows that generates a lot of cash income. A business he wasn't very good at because it got him shot up. Power is a TV show, not reality. And he would probably get caught. I'm a bit disappointed; I really thought he was different. My next hope is Mayweather and his,"one bank account baby." He might be on to something that these guys and gals should take heed too. 1 account, no need for those of attorneys and advisors that are robbing you blind. You see what comes in and what goes out. Now, if you can't add and subtract, you're going to have a problem. Classes at the community college are still theoretically cheap.

 

[duckbutta]

Crazy.

Just saw his SK energy drink at a store. Thought things might be turning around for his business ventures.

Yo... That Ross 50 battle was extra wack, but somehow 50 found a way to catch a massive L.

Law 47.

So he filed for bankruptcy on monday...then tuesday you saw his energy drink in a store...and by Wednesday he will be back on top again huh

Did you buy the SK energy drink

 

[The Devil's Advocate]

FORBES: 50 Cent Files For Bankruptcy In Rapid Fall From Financial Grace

50 Cent could soon be worth less than his nickname: the rapper filed for individual Chapter 11 bankruptcy protection in Connecticut this morning.

According to the filing, 50 Cent, whose real name is Curtis James Jackson III, has incurred debts of $10 to $50 million, most recently a $5 million judgment in a sex tape case. His legal team did not respond to a request for comment via telephone, but tried to cast a brighter outlook on the news via email. {{dude just said 50 Laywers trying to spin... @duckbutta }}}

“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 50 Cent’s counselor William A. Brewer III in a press release.

Still, the filing marks a steep and sudden fall from financial grace for 50 Cent, who has been a member of FORBES’ list of hip-hop’s wealthiest acts each year since its debut in 2011, when we first estimated his net worth at $100 million.


http://www.forbes.com/sites/zackoma...ankruptcy-in-rapid-fall-from-financial-grace/


======

The Horse Has spoken


P.S... This article written by the SAME MAN that calculated 50 Cent $155 Mil networth in May, 2 months ago.


50's Networth is currently $0

so he lost 155 mil (of worth) in 2 months

 

[Hardest Since MC Ren]

Maybe if he broke he'll start dropping fire again. Maybe we'll actually get a new album with hunger in it.

He has been trying for over a decade breh..
His rap career finito..
He is tryina hold on to some of that Vitamin Water money he got left

 

[Hardest Since MC Ren]

To be fair to Curtis..he has another 16mil to pay out..yall keep forgetting that one

it aint just the 5 mil

 

[loyola llothta]

I knew something was fishy when he start talking about feed a kid in Africa shyt, which is a con game started by cacs to make quick cash

 

[O.G.B]

I knew something was fishy when he start talking about feed a kid in Africa shyt, which is a con game started by cacs to make quick cash

 

[Rayzah]

I'm not stating opinions. It's facts. And we DO know how much he has in assets.. 10 - 50 million as he stated.. He also stated he owes 10 to 50 million in debt. The FACT is that Curly can't pay his existing debt and stated so himself. If he could he would not have to file bankruptcy to begin with. That's not a first option, That's a last option... Just cause its business move doesn't mean its a "good move". It's the only move he has left besides sitting back and getting his assets liquidated by the court. It's an intensive process.. and you have to prove you really cant pay your debt. And chapter 11 restructures debt.. so he will still have to pay it. He is not getting away with anything.

The Govt knows exactly how much he makes. You cant hide from the IRS. That's how people end up in a jail cell next to bernie madoff. Stop worshiping these rappers. There is nothing special about 50 cent. You are so butt hurt you would rather believe 50 is pulling some elaborate completely transparent blatant lie to the courts rather than accept the cold harsh realities of his financial troubles starring you right in the face..

FORBES: 50 Cent Files For Bankruptcy In Rapid Fall From Financial Grace

50 Cent could soon be worth less than his nickname: the rapper filed for individual Chapter 11 bankruptcy protection in Connecticut this morning.

According to the filing, 50 Cent, whose real name is Curtis James Jackson III, has incurred debts of $10 to $50 million, most recently a $5 million judgment in a sex tape case. His legal team did not respond to a request for comment via telephone, but tried to cast a brighter outlook on the news via email. {{dude just said 50 Laywers trying to spin... @duckbutta }}}

“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 50 Cent’s counselor William A. Brewer III in a press release.

Still, the filing marks a steep and sudden fall from financial grace for 50 Cent, who has been a member of FORBES’ list of hip-hop’s wealthiest acts each year since its debut in 2011, when we first estimated his net worth at $100 million.


http://www.forbes.com/sites/zackoma...ankruptcy-in-rapid-fall-from-financial-grace/


======

The Horse Has spoken


P.S... This article written by the SAME MAN that calculated 50 Cent $155 Mil networth in May, 2 months ago.


50's Networth is currently $0

NO.. but Nobody wants to hear the truth when the rumor sounds so much better.. Just continue with your memes..

But cause I am bored I'm explain to you N-words how this works being that I have had a tax preparation business for 10 years now and actually understand how you can hide money to protect yourself from the IRS or federal govt..
1. Forbes don't know shyt, everything is an estimate

Figuring out how much money someone has is not an easy task.
Even Forbes magazine, which comes out with an annual list of the richest 400 Americans, acknowledges that its figures are just estimates and are "deliberately conservative."

http://abcnews.go.com/Business/story?id=3631669

2. The govt doesn't know shyt

The federal government’s income surveys stop at $150,000 a year.
America has very, very bad information on the income of high-income people. This makes it hard for the government to determine what tax bracket they fall into. In fact, many of the richest and wealthiest people in the world actually own nothing. On paper, they are dirt-poor. \

3. If your income isn't reported on your w-2 in this case 1099, then it didn't happen

Your typical American worker receives a paycheck, deposits that money in a bank account, and files a W-2 tax return every year based on the payment records from their employer. Because of this, the average American worker thinks that rich Americans do the same thing.

This means they do not have to pay taxes right away on the money they earn. Your typical working American has money automatically deducted from his paycheck by his employer for taxes before he even gets his check. People who work for themselves do not have to do this.

Instead, they can pay taxes on a quarterly or yearly basis. This means they get to use (and spend, and hide) their money before the government does, as opposed to working Americans who never get the chance.
This might not seem like a big deal, but it is, because when you have access to your money before the government does, that gives you more leeway to spend it in ways that allow you to claim less earnings, which can mean less taxes in the long run.


The rich hide their wealth by creating what are known as “holding companies.” These are corporations and other business entities created for the sole purpose of holding assets. Typically, asset protection takes place in three phases…


1. Public Companies: These are the companies that do business that the public can see, that are directly linkable to the rich (for instance, Microsoft and Bill Gates).
2. Mother Companies: These are the business entities that public companies funnel their assets to. The public typically doesn’t know about these, and they are hard to trace. These can also take the form of Trusts and Foundations.
3. Holding companies: These are companies that are designed to do nothing but hold assets. These are typically hidden as well.
By using these asset protection strategies, the wealthy and rich are able to preserve their wealth, not only from lawsuits, but also from taxes.
No One Knows Who’s Rich

There are hundreds of people in the world whose names you might never know but who own millions — if not billions — of dollars.
These wealthy individuals often go out of their way to hide their assets from scrutiny — sometimes from the public and sometimes from their own government.

4. #Trustfunds a lot of rich people like bill gates

So what are some ways that the rich can shield their assets?
Michael J. Zuccarini, a partner with Smith & Zuccarini, a law firm near Seattle that does tax, business and estate planning, says that one of the best ways is to set up a revocable living trust.
Putting assets in such a trust doesn't always shield them completely, but makes them harder to find.
Zuccarini says that many trusts are set up in somebody's initials. So, for instance, if you were searching for Bill Gates in a computer database of land records he wouldn't show up because the property might be under the name of the B.G. 2007 Trust.
Zuccarini says the biggest disclosures often don't come until a wealthy person dies.
Most states require a will to be filed in court, even if it doesn't go through the probate process. Additionally, some states require a detailed inventory of assets.
The wills of many celebrities have been made public this way, and some can be found on the Internet.
Court TV has an entire section of its Web site dedicated to the wills of famous dead people, including Jacqueline Kennedy Onassis, Babe Ruth, Richard Nixon, Elvis Presley, John Lennon, Dorris Duke, Jerry Garcia and Marilyn Monroe.
But putting assets into a trust can preserve that financial privacy, even after death.
Another vehicle some rich people use to shield their assets from scrutiny is to set up a limited liability company.
Zuccarini says that confidentiality is one small reason to set up a trust. Many of his clients do it for a bevy of other reasons.
But those who do create trusts however, don't want others to know that they have a trust. So while all of somebody's money might be in the trust, Zuccarini says his clients don't want the trust's name on their checkbook.
"I do have a quite a few clients who don't want their neighbors to know how much money they have," he says. "One of the major reasons: They want people to change their view of them. Many live modestly."
There is one more reason.
"People are afraid of being sued," Zuccarini says. "The more people that know they are worth a lot of money, it's like running around with a target on their chest."[/Quote]

.

and number 5.
starting a business like a LLC or Corporation. With those two types of business, you don't OWN anything, you just control or work for the company you founded. Therefore you can transfer all your assets (cars, home, money) to the business and manage it from there. So when you report assets and income on taxes you only report what YOU personally OWN, if it's under the business, you DON"T own it, so if someone is coming after you, they can only come after what you have and not what the business has, unless they come after the business itself.
So lets stop acting like there is only 1 reason why 50 did what he did, he is smarter than all you so called experts and still richer than you will ever be and no amount of hate will change that

 

[The Devil's Advocate]

NO.. but Nobody wants to hear the truth when the rumor sounds so much better.. Just continue with your memes..

But cause I am bored I'm explain to you N-words how this works being that I have had a tax preparation business for 10 years now and actually understand how you can hide money to protect yourself from the IRS or federal govt..
1. Forbes don't know shyt, everything is an estimate


http://abcnews.go.com/Business/story?id=3631669

2. The govt doesn't know shyt

3. If your income isn't reported on your w-2 in this case 1099, then it didn't happen

4. #Trustfunds a lot of rich people like bill gates


and number 5.
starting a business like a LLC or Corporation. With those two types of business, you don't OWN anything, you just control or work for the company you founded. Therefore you can transfer all your assets (cars, home, money) to the business and manage it from there. So when you report assets and income on taxes you only report what YOU personally OWN, if it's under the business, you DON"T own it, so if someone is coming after you, they can only come after what you have and not what the business has, unless they come after the business itself.
So lets stop acting like there is only 1 reason why 50 did what he did, he is smarter than all you so called experts and still richer than you will ever be and no amount of hate will change that

i already posted how rich people use this to escape paying people... straight from a lawyer's website.. who actually said this can be one of the most benefitional things a person can do to keep everything, while also getting lowered, no interest, and scott free debts erased

but a man at a newspaper of course knows more about someone's personal wealth than the man himself and his lawyers

i'll say again..... why wouldn't he just sell shyt and get the money? sms gets sued, he files bankruptcy, yet sms is the official headphones for all of disney and every disney owns... gets sued for 5 mil, files bankruptcy... but to every lawyer in america, it looks fukked up cause he's not even naming assets or reported money... just simply says i have 50-100 mil in worth and 50-100 in debts

shyt i don't have 10k liquid cash right now... i owe 30k on my car... but am i broke?? hell no cause i got 6 years to pay it off... but if i filed, it'd look like i don't even have 30k worth of assets which would be a lie

 

[Rayzah]

i already posted how rich people use this to escape paying people... straight from a lawyer's website.. who actually said this can be one of the most benefitional things a person can do to keep everything, while also getting lowered, no interest, and scott free debts erased

but a man at a newspaper of course knows more about someone's personal wealth than the man himself and his lawyers

i'll say again..... why wouldn't he just sell shyt and get the money? sms gets sued, he files bankruptcy, yet sms is the official headphones for all of disney and every disney owns... gets sued for 5 mil, files bankruptcy... but to every lawyer in america, it looks fukked up cause he's not even naming assets or reported money... just simply says i have 50-100 mil in worth and 50-100 in debts

shyt i don't have 10k liquid cash right now... i owe 30k on my car... but am i broke?? hell no cause i got 6 years to pay it off... but if i filed, it'd look like i don't even have 30k worth of assets which would be a lie

wait there are other smart people on the coli where have yall been hiding.... I think I may have read your post, I just wanted to help the global mission of stopping the widespread of misinformation

 

[Samuel Jackson]

 

[The Devil's Advocate]

wait there are other smart people on the coli where have yall been hiding.... I think I may have read your post, I just wanted to help the global mission of stopping the widespread of misinformation

Nice to see another one of our kind





50s first interview after the bankruptcy thing with Jalen Rose


http://grantland.com/hollywood-pros...usic-industry-and-his-bankruptcy-controversy/

 

[Consigliere]

So he filed for bankruptcy on monday...then tuesday you saw his energy drink in a store...and by Wednesday he will be back on top again huh

Did you buy the SK energy drink

I was just surprised to see his drink marketed so aggressively (box behind the counter)


in that actual space (7/11)


after years of waiting to try it (didn't think it existed).



He's gonna bounce back (I didn't buy any hopefully yall do tho).