Last week, Curtis Jackson, better known as rapper 50 Cent, filed for Chapter 11 bankruptcy protection, only days after a messy lawsuit forced him to pay out $5 million to his rival Rick Ross’ ex-girlfriend. Both fans of the rapper and the media were surprised to learn of the filing, especially since Jackson was regarded as a man of “exceptional business instincts,” by The New York Times. He was also ranked No. 4 on Forbes’ May list of the wealthiest hip-hop artists, for his net worth of $155 million.
Jackson’s attorneys stated that the filing will allow the rapper to reorganize his financial affairs. However, others believe he is filing for bankruptcy as a way to protect himself following his lawsuit. In a recent late night appearance on TBS’ The Conan O’brien Show, Jackson addressed his decision to file for bankruptcy. “I need protection,” Jackson claimed. He also stated that success often makes people a target for lawsuits.
Prior to his filing for bankruptcy, Jackson did little to hide the extravagant lifestyle he was leading. He was often seen seated in the front row at fashion shows, catching frequent private flights, flashing expensive jewelry and clothing, and driving luxurious cars. The rapper’s Instagram is full of images supporting this, as he constantly posted updates for his 5.4 million followers. Despite this, Jackson said in his interview with Conan, “Times are hard out here, for real.”
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.
Sources:
http://www.businessinsider.com/50-cent-bankruptcy-to-conan-i-needed-protection-2015-7
http://www.businessinsider.com/50-cent-biography-pictures-of-luxury-2015-7