50 Cent bankrupt

[MongGrel]

Him declaring personal bankruptcy has zero reflection on how much money he actually has access to. The wealthy have asset management tools to protect themselves from creditors and lawsuits.

It's a Donald Trump thing, if done right I guess.

How many has he had now, 4 ?

 

[Humpy]

In Da Club was dope. I'd drop my windows when anyone rolled up next to me bumping that shit.

 

[SSSnail]

So from reading this thread, about 50% of posters are pretty ignorant.

I'm shocked! Flabbergasted.

I'm surprised that the percentile of ignoramuses aren't higher.

 

[QueBert]

he's bankrupt, yet still will come out of this with more $$$ than everyone on here combined. It'll wind up being a far cry from the $150 million he was worth. But he'll still be a millionaire many times over.

 

[Rakehellion]

What does a Chapter 11 bankruptcy actually do anyway?

 

[MagnusTheBrewer]

Wut, you say another no talent media 'star' has outlived their 15 minutes of fame? Say it aint so! You crushed my belief in the American dream. There's nothing left for me to do but go start a fight in Mickey Dees or, maybe, raid a walmart.

 

[MongGrel]

I'll just leave this here again, as it is so good and is a bit appropriate.

https://www.youtube.com/watch?v=VBmCJEehYtU

 

[foghorn67]

he's bankrupt, yet still will come out of this with more $$$ than everyone on here combined. It'll wind up being a far cry from the $150 million he was worth. But he'll still be a millionaire many times over.

Is this like an internal defense mechanism? Will the following make your gears fall off your spindle?

The same can be said about Donald Trump.

 

[Imp]

What does a Chapter 11 bankruptcy actually do anyway?

Not a lawyer or an accountant, but I worked in a bankruptcy office outside the US of A in a lowly butt-boy position so got forcefully exposed to a bit of it...

My understanding, which is essentially uninformed, is that when you file for "bankruptcy", you can go all out and liquidate everything because you are just so hopelessly fucked; or you are just drowning in debt but still have a viable business or revenue stream and can crawl out of it. In the latter case (insolvency?), you may renegotiate loans -- my guess is that it's length, maybe even getting creditors to write some of it off. In the bankruptcy case where you sell it all, everything gets sold and creditors get cents on the dollar in order of creditor status (e.g. secured, unsecured, wage earners, etc.).

It's actually pretty interesting, just not enough for me to pursue a career. Wikipedia has a good summary on the different chapters.

 

[TheGardener]

What does a Chapter 11 bankruptcy actually do anyway?

This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.

If you can read the rest of this (the basics), you may want to change careers. The world needs more lawyers.

http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics

 

[Bock]

I'm really interested in how that works now. If your able to shelter your assets in a corp you control; then every1 can declare bc to get rid of creditors.

 

[reallyscrued]

Would you idiots at least read the article before posting?

 

[TheSlamma]

All that money burned away that fast, damn I could have retired off that before I even started working and still been blowing it on dumb things.

 

[AznAnarchy99]

http://time.com/money/3957247/50-cent-instagram-bankrupcy/

LoL. I think this is all over to not pay his lawsuit.

 

[QueBert]

Just read a story about 50 making it rain about $10g's in a LA strip club the other night (since he filed for bankruptcy)

I wish I was fucking bankrupt like him

 

[highland145]

Just read a story about 50 making it rain about $10g's in a LA strip club the other night (since he filed for bankruptcy)

I wish I was fucking bankrupt like him

lol and QFT.

 

[foghorn67]

Just read a story about 50 making it rain about $10g's in a LA strip club the other night (since he filed for bankruptcy)

I wish I was fucking bankrupt like him

me too.