A lot of talk has been going around about 50 cent and
his filing for chapter 11 bankruptcy, especially with him being the kind of
businessman that he is. He was ordered to dish out $5 million to Rick Ross’s
baby mother for the release of a sex tape involving her in 2009, but it still it
seemed unlikely that 50 would be able to go broke. With the latest news of him
filing for bankruptcy, Mr. Jackson’s attorney has provided a statement to clear
the air on the current situation.
50’s representative William A. Brewer III has released that he has filed for bankruptcy in order to “reorganize” his finances, and that none of his business ventures will be affected by this.
50’s representative William A. Brewer III has released that he has filed for bankruptcy in order to “reorganize” his finances, and that none of his business ventures will be affected by this.
“Mr. Jackson’s business interests will continue unaffected
in the ordinary course during the pendency of the chapter 11 case," the
statement continues. "This filing for personal bankruptcy protection
permits Mr. Jackson to continue his involvement with various business interests
and continue his work as an entertainer, while he pursues an orderly
reorganization of his financial affairs”
Chapter 11 bankruptcy is often used as a method for individual debtors to restructure debts and protect finances.
Chapter 11 bankruptcy is often used as a method for individual debtors to restructure debts and protect finances.
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