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Bankruptcy News: Rapper 50 Cent Files for Chapter 11 Bankruptcy
July 20, 2015
Rapper “50 Cent,” Curtis Jackson, has recently filed for Chapter 11 bankruptcy in federal court, claiming he’s broke and he owes creditors more than $28 million. According to court documents, Jackson’s debts include two multi-million verdicts against him:
One for $18.4 million, which arose from a case in which Jackson was being sued for stealing a design from Sleek Audio – Jackson’s appeal of this verdict was unsuccessful.
- Another for $5 million, which Jackson has been ordered to pay a woman for emotional distress after leaking her private sex tape.
Additionally, Jackson reportedly owes:
- More than $1,700 to his grandfather
- Nearly $138,000 to Bentley for a lease
- Upwards of $1 million in legal bills.
Critics Think Rapper Has Ulterior Motive for Filing for Bankruptcy
While Jackson has poked fun at news of his recent bankruptcy filing by posting a photo on Instagram of himself next to a Smart Car, suggesting he may have given up his expensive ride, some are criticizing Jackson for his move to pursue bankruptcy.
In fact, critics contend that Jackson has filed for Chapter 11 bankruptcy in an effort to try to get out paying the recent multi-million dollar judgements against him.
Another interesting facet of this bankruptcy case is the fact that Jackson was reported to be worth about $155 million earlier this year, according to Forbes.
What do you think about 50 Cent filing for bankruptcy and critics’ thoughts about it? Share your opinions and comments with us on Facebook & Google+.
Denver Bankruptcy Attorney Jon B. Clarke Can Help You
Are you struggling to pay your bills? Or do you feel buried by insurmountable debt and need a financial fresh start? If so, it’s time to contact trusted Denver Bankruptcy Attorney Jon B. Clarke.
For more than 35 years, Mr. Clarke and his diligent support staff have been successfully helping our clients pursue their best debt relief options so that they can successfully resolve even the complex bankruptcy cases for individuals and businesses alike. Our experienced legal professionals are committed to providing each of our clients with the personalized debt relief assistance they need, and we will work tirelessly to ensure that our clients’ cases are resolved as favorably and efficiently as possible.
Contact Us Today
To get answers from an experienced and esteemed lawyer, contact us today. We encourage you to complete our Business or Consumer Debtor Analysis Form. You can also get answers from Denver Bankruptcy Attorney Jon B. Clarke by calling our firm at (866) 916-3950 or by emailing us using the contact form on this page.
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Categories: Bankruptcy News