50 Cent and His Imaginary Bankruptcy

As anyone paying attention to the news in any capacity already knows, 50 Cent, the world famous rap artist, is currently seeking Chapter 11 bankruptcy. He currently owes somewhere between $10 million and $50 million to his creditors. At the moment, he is living on an estate in Farmington, Connecticut which he purchased from Mike Tyson for $4.1 million in 2003.

The interesting thing about his move is that Chapter 11 is a form of bankruptcy typically used by corporations with the intention of restructuring business. Generally this comes as a result of crippling debt, but 50 Cent does not seem to fit that description. First of all, he is not a corporation – or at least he wasn’t the last time we checked – and secondly, he isn’t facing crippling debt, at least not by normal standards. 50 Cent is, however, listed as the sole debtor in the bankruptcy case. Few answers have been obtained as his lawyers cannot be reached for comment.

An even more interesting thing to note about this case is that it comes directly after a ruling by the Manhattan civil court that he must pay five million dollars to a Florida woman about whom he leaked a sex tape onto the Internet in 2009. Oddly enough, he didn’t actually show up at that hearing, but rather appeared via satellite as he was too busy to attend. Though it is clear to the average bystander that 50 Cent is simply attempting to worm his way out of the court ruling, he certainly will not escape additional charges and allegations stemming from his indiscretion in 2009. In addition to that, it should be noted that his current financial situation does not reflect his claims of bankruptcy. His assets as of right now include:

• $ 10,554,486.13 in cash or cash equivalent
• $ 500,618.00 in Vehicles
  • 1966 Chevrolet Coupe
  • 2015 Chevrolet Suburban
  • 2010 Rolls Royce Phantom Drophe
  • 2005 Chevrolet Suburban
  • 2008 Dodge Sprinter
  • 2003 Chevrolet Suburban
  • 2012 Suzuki Kizashi Sport

In addition to having a considerable amount of liquid assets on hand at this very moment, 50 Cent has shown a considerable stream of income, pulling in an impressive $180,000 per month, with a monthly expense of $108,000. As anyone can see, he has a lot of money left over. While he might be experiencing financial difficulty according to his own logic, he is certainly not in quite as much trouble as the average person declaring bankruptcy, or in his case, the average corporation. Just remember, if we are treating corporations as people now, 50 Cent qualifies, and with as much money as he has in his bank account, he is most definitely above the rules.

Now it will be interesting to see if the courts allow him to declare bankruptcy in the face of both his liquid and solid assets. Most however, would probably consider it an insult to the system that is in place.

If your considering bankruptcy as an option, talk to an attorney at Van Horn Law Group.