Chapter 7 Attorney in Tampa Talks About 50 Cent Case

Despite recent appearances in TV and film, rapper 50 Cent filed for bankruptcy on July 13. Many individuals file for chapter 7 or chapter 11 bankruptcy protection, and choosing which type of bankruptcy to file for is an important decision. When considering bankruptcy, a chapter 11 or chapter 7 attorney in Tampa might be able to advise you.
Bankruptcy Filings
50 Cent filed for chapter 11, and court documents indicated that he has a large amount of consumer debt that may total as much as $50 million. The entertainer’s boxing company called SMS promotions also filed for bankruptcy under chapter 11. The financial trouble 50 Cent faces was likely exacerbated by a July 10 jury verdict that ordered the rapper to pay $5 million in damages to Lastonia Leviston. She sued after 50 Cent made a video mocking a sex tape featuring her, and she believes the video was posted to embarrass rapper Rick Ross as Leviston and him have a child together.
Possible Net Worth Inconsistency
Another $2 million in punitive damages was awarded to Leviston though 50 Cent told the court that he has limited funds despite trying to promote a flashy image. He claimed to make mere cents for his records and said his earnings from the show he acts in and produces, Power, is around $150,000 for each season. His attorney estimated his worth at $4.4 million before the damages were awarded, but Forbes put his net worth at around $155 million in May.
Chapter 11 allows for the reorganization of assets and debts while Chapter 7 involves liquidation to pay creditors. To find relief from creditors, contact us so that we can begin to assist you.