50 Cent files for bankruptcy

[240 is Back]

He may have to sell his near 50K sq ft house.

most getbiggers consider that to be a garage.

[Al Doggity]

I'm shocked!  

People don't file personal bankruptcy when they're doing well. The laws are very strict. It's not like he actually has hundreds of millions lying around anymore and is just trying to avoid paying $22 mil worth of judgements that he could easily pay. He obviously cannot pay these debts.

These "self-employed" types who can't handle their money usually also have lots of tax problems as well.

Storch, 50, who's next?

Yeah, this is not just some standard business tactic. I think he filed Chapter 11, too, which wouldn't absolve him of responsibility for these judgments. (Is the headphones suit a against him personally? I can't believe he didn't set up a LLC at the very least. )

[bradistani]

I'm shocked!  

People don't file personal bankruptcy when they're doing well. The laws are very strict. It's not like he actually has hundreds of millions lying around anymore and is just trying to avoid paying $22 mil worth of judgements that he could easily pay. He obviously cannot pay these debts.

These "self-employed" types who can't handle their money usually also have lots of tax problems as well.

Storch, 50, who's next?

50 shades of skint

[2Thick]

Yeah, this is not just some standard business tactic. I think he filed Chapter 11, too, which wouldn't absolve him of responsibility for these judgments. (Is the headphones suit a against him personally? I can't believe he didn't set up a LLC at the very least. )

Yeah, I don't know all of the details, but I can't understand how he would apparently leave himself personally liable for that type of business-related thing?

[The Abdominal Snoman]

These guys hide money in offshore accounts and then do shit like this. Feds should really take a look at where this clown is hiding his money.

[MuscleDysmorphia]

50 Cent is one of those people that needs people to believe he has a ton of money more than he actually needs a ton of money.

This is going to kill him regardless of how much money he truly has left.

[Schnauzer]

[ Invalid YouTube link ]

[WalterWhite]

These guys hide money in offshore accounts and then do shit like this. Feds should really take a look at where this clown is hiding his money.

They have forensic accountants for that. 

[HTexan]

These guys hide money in offshore accounts and then do shit like this. Feds should really take a look at where this clown is hiding his money.

he filed chapter 11. He gets to keep a lot of his shit

[Schnauzer]

he filed chapter 11. He gets to keep a lot of his shit

He's changing his rap name from 50 Cent to Chapter 11

[Pray_4_War]

This is BS.  He got sued recently and now he's pretending to be bankrupt.

[HTexan]

He's changing his rap name from 50 Cent to Chapter 11

[Skylge]

Nomen est omen

[Skorp1o]

Don't be fooled by some of these wealthy bankruptcies.

Theres a lot of examples like these where  Bankruptcy is filed purely as a means to avoid a liability and protect wealth... in the cases of some of these people it also means protecting future/pending income streams from financial liability. A good example is Toni Braxton bought a $3 million home cash 6 months after Bankruptcy.

Donald Trump filed for 4 corporate Bankrupcies in the past...when business doesn't go his way, he shuts the doors and runs away leaving creditors behind bleeding and seething as his personal wealth is untouched.

50 cent was and still is a multi millionaire...although this will harm his high flying "baller" image.

[2Thick]

It's apparently a personal BK, not a corporate BK. He's obviously not doing so great. It's very difficult to hide money these days, and the penalties for BK fraud are quite harsh.

If I was a betting man, I'd wager that the assets are closer to the $10 mil figure. The debts are obviously much higher. It wouldn't shock me if he has a mortgage on that big home and even on some of his cars - I'm sure he's got ten or more high end cars.  

He apparently lowered the asking price for his mansion from $20 mil to $10 mil. He could very well possibly be in the red - worth nothing.

http://www.zillow.com/homedetails/50-Poplar-Hill-Dr-Farmington-CT-06032/2140575838_zpid/

More confusing is that the $17.2 million business suit has also been mentioned in some reports, as if he may not have separated the business from himself via a corp entity.

It's one thing to have billions of dollars in business interests and file a corporate bankruptcy on some little $10 million side company that failed like Trump has done. Filing personal BK is a whole other matter.

http://www.cnbc.com/2015/07/13/50-cent-files-for-bankruptcy.html

"Chapter 11 is the drug of choice for celebrity debt problems," he said. "You don't have to be broke to file for chapter 11, but it could mean you don't have good cash flow."

[2Thick]

Bankruptcy laws are stricter than they used to be.

Apparently his debts (between $10 million to 50 million) are consumer debt, NOT business debt.

We'll have to wait to see exactly how much he's worth and how much he owes when it becomes public record. The fact that he apparently has at least $10 mil in assets in his name could mean that he may not have kept much (if anything) in trusts or corporate structures.

And if he was smart he wouldn't have done what he did in the first place. I'm surprised he didn't try to settle before going to trial or is not appealing it. He may not be able to afford legal fees.

I don't know if he's broke or in the red or not. But these rappers, athletes, and other entertainers are notorious for blowing through many millions and ruining themselves financially. Filing bankruptcy is not a good thing - not an indication that you're doing everything right. It's something to be avoided if possible - particularly personal BK.

Filing personal or even business BK will make it difficult or impossible to hold many professional licenses, and is something that certain professions will require you disclose publicly (plus it becomes public record). It will shut many doors for future employment opportunities if / when he's no longer in demand as an entertainer and needs to do something else for a living.

I would not be at all shocked if he's blown through most of that $155 million or whatever and is in the red. Besides other ways they waste money, some of these "entertainer" guys are known for spending hundreds of thousands a night at clubs and casinos, among other things.

[BDsauce]

50 Cent isn't really broke -- we know that -- but he's sure making it look like he is ... he just gave the bankruptcy judge a list of his many creditors, and Curtis Jackson Sr. is among them.

According to the docs -- obtained by TMZ -- 50 owes grandpa $1,737.33. But that's just the tip of a $26 million debtor's iceberg.

50 also owes $137,880 to Bentley, $64,909 to American Express and, oh yeah, 2 court judgments totaling more than $23 million. And there's more -- that's just boring debt.

The rapper is laughing off the bankruptcy, most recently by making it rain at a West Hollywood strip club.

[polychronopolous]

The rapper is laughing off the bankruptcy, most recently by making it rain at a West Hollywood strip club.[/b]

Nice....that's how ya show 'em!!!