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50 Cent Bankruptcy

50 Cent Bankruptcy

Rapper 50 Cent filed for bankruptcy protection this past sumer. In spite of his bankruptcy status, Curtis Jackson, his real name, posted pictures to social media posing in front of stacks of cash. As reflected in my recent post, if that cash was not disclosed, 50 Cent could be breaking bankruptcy laws. The judge has ordered him to appear in court to explain. Even so, 50 Cent posted more photos in and around stacks of cash.

Maybe the stacks of cash are props. Maybe it is, and maybe it is disclosed. But whatever it is, the bankruptcy judge wants to know. If it is a publicity stunt on the part of 50 Cent, the judge won’t be amused. What is funny is comedian Daniel Tosh’s take on flaunting of assets. Take a look at this video.

50 centThe incident has certainly garnered attention, as this Wall Street Journal article reflects. Being in bankruptcy obligates a debtor such as 50 Cent to comply with the mandates of bankruptcy law. In exchange, he is entitled to bankruptcy protection. This includes prevention of collection efforts and lawsuits from creditors. One such creditor suit in Mr. Jackson’s bankruptcy is from a sexual assault claim. If he wants to steer clear of that case in bankruptcy, he should steer clear of posting pictures of cash online.

Another potential problem for 50 Cent arising out of posting pictures of cash online, is possible claims from his creditors. If he did not disclose the cash or otherwise report it as income in his bankruptcy case, it is fraud. Creditors can contest the bankruptcy if he is proven to have committed bankruptcy fraud. This means that although 50 Cent is in an active bankruptcy, he might be stripped of its protection if he did not play by the rules. Creditors could collect from him. Lawsuits against him could resume. And his assets could be seized from those he owes. Posing in and amongst piles of cash and posting the pictures on social media may result in the loss of those piles of cash to 50 Cent.

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