In The News: Rapper 50-Cent Files for Bankruptcy
Often our bankruptcy clients feel overwhelmed and smothered by their debt, and frequently wonder how they, of all people, got into this position. As bankruptcy lawyers we see all kinds of clients and can assure you that bankruptcy doesn’t happen to certain types of people. Never has this been more clear than in the wake of news that rapper, 50-Cent (given name Curtis Jackson), filed for bankruptcy.
According to Forbes, the rapper does not have enough cash to pay for what he owes. Public court documents indicated that while his assets total $50 million, they are equal to his liabilities. He’s filing for Chapter 11 bankruptcy protection.
Earlier this year Forbes named him one of the wealthiest men in hip-hop estimating a net worth of $155 million. This year, however, Jackson hit a few snags. One of his companies went under, and he’s been ordered by a judge to pay $5 million in a separate case. Filing for Chapter 11 Bankruptcy may protect him from the fallout of these losses.
While not everyone nets $155 million, being faced with financial uncertainty can happen to anyone. Understanding that filing for bankruptcy can be a solution to your financial woes is the first step in solving your problems. The next step is finding an experienced lawyer to help represent your case. If you’re in need of representation in a bankruptcy case, count on Yardley Law. We go the extra yard for you.