His rags to riches story and lifestyle have been well-recorded. 50 Cents vehicles are said to be worth over $500,000. Says that his expenses are over $100,000 per month, including paying for gardening, a stylist, According to the court hearing, a personal trainer, and his property’s upkeep. His 50 Cent, the rapper, has filed for Chapter 11 Bankruptcy protection. Chapter 11 is frequently used by large businesses to reorganize debts. Chapter 11 bankruptcy is very complicated, and for most people, Chapter 7 or Chapter 13 default is appropriate. For those who cannot receive the debt relief they require under Chapter 7 or Chapter 13, Chapter 11 might be the best option.
Unlike many individuals who usually register for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, Found guilty charges him $5m, releasing a private video and a judge finding his G-Unit brand accountable for copying a competitor’s headphone design. To the tune of $17m, it’s simple to see how simple it is to lose a lot of money quickly. Several of 50 Cent’s recent social networking articles, mostly one showing him surrounded by heaps of cash spelling out the term ‘BROKE,’ haven’t gone down well with his creditors. He’s claimed that the money was bogus, making the film even more eccentric.
50 Cent is far from clear, as reports in the media claim that investigations into his financial and business affairs indicate he’s $64 million in debt, which would cover his debts. Although best called a rapper with a successful music career, he has also made several acting. Perhaps surprisingly, it’s 50 Cent’s impressive business mind that has helped make him a considerable sum of money.
His robust investments span a wide range of industries, from audio to health beverages, boxing marketing to vodka, and property to consumer electronic equipment. He pocketed an estimated $100m later Coca Cola purchased Glacial, the firm behind Vitamin Water, the improved water drink he had invested.
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WHY DO CELEBRITIES FILE FOR BANKRUPTCY?
It is usually relatively major news when actors file for bankruptcy. Many sports stars, business people, and amusement stars have filed for bankruptcy at any moment. Mike Tyson, Willie Nelson, Courtney Love, Michael Jackson, and Pamela Anderson, and now 50 Cent are only some of the actors who have filed for bankruptcy in their states.
Celebrities are forced to file for bankruptcy.
Some common reasons include having to cover following a divorce or because the celebrity did not pay their IRS earnings. Some actors see their spending spiral out of control or make rash or poor business decisions. For many celebrities, the beginning of fame and fortune gives them the capability to manage to buy anything they view and not need to think about cash. We see on daily basis reasons people file for bankruptcy.
Just because you’ve got medical insurance does not indicate that you’re immune from large debts or routine expenses such as medication, physiotherapy sessions, or even trips to a hospital several hours off. Maybe you can’t work due to your illness or have to go back to work before preparing to cover the bills and put food on the table.
Some-retail workers, or factory workers, rely on overtime to make up any shortfalls in income. Maybe you’re looking for a low income but work long hours to be sure that you bring home enough money to cover your bills and keep a roof on your mind. Your hours get cut, or there might be no more overtime available because your mill did not get the contract they anticipated or a drop in demand for your products. You will quickly be worrying about how you’re going to cover items.
Going through a divorce in Boston is a tough time for all concerned. Also, as having legal penalties to cover, you can again be losing a wage on your household. This is very likely to mean that you’ve got to manage with far less money than you are- utilized to and perhaps more outgoings such as childcare expenses or operating a car, as well as the regular household bills.
Unexpected bills can come at any moment and in many forms. You might suddenly pay for a home or car repairs, reserve a trip to find an ill relative, or need to cover medical treatments as a result of a crash. Having to come across a couple of hundred bucks on something you had not budgeted for might mean that you may not be able to cover your other bills on time, leaving you.
Student loans can play a role in people of all ages struggling with payments and are not a leading cause of insolvency. Then you’ll be worrying If you’ve graduated and can’t get a well-paid job about paying back your loans in addition to your other bills. Additionally, as a parent or grandparent, you could suddenly find yourself accountable for paying back a PLUS student loan. If the principal borrower of a student loan expires, then the cosigner is liable for the debt. Often, the personal loan company will demand the balance of the loan instantly.
Perhaps you cannot afford your manage heating or lighting obligations since you need to pay for rent, childcare gas to go to work, and meals. You will need to prioritize which ones that you pay.
HOME BANKRUPTCY FORECLOSURES
While you may be able to work out something with the lender for the short term, foreclosure is a terrible idea as you will need to move out and find someplace else to live when your lender repossesses your property. If your home is worth significantly less than the total you owe on it, then you can also be responsible for the difference below a lack of judgment. This would indicate you would lose your house and owe an extra debt too.
Again, credit debt such as large balances on credit cards, missed hire purchase payments, falling behind on car finance, inability to repay loans aren’t common causes of bankruptcy. Many men and women who are struggling financially; find themselves relying on their charge card invoices. Payments need to be created on these cards, which increases month and month as more costs are- made on the cards.
SO, WHAT CAN GO WRONG?
Celebrities or singers that are popular one month might not be famous the next month. They might be young and never have yet another hit single or be seen as old and get dropped by their record label. Actors have a starring role in another Hollywood blockbuster again. Sports celebrities may have a couple of bad games and be forced out of the team or may undergo an accident, which implies that they never play at the top level again. You’ll need to make sure you leave it to the professionals. This usually means letting an experienced bankruptcy attorney handle your case.
If you’ve determined that filing for bankruptcy in Boston, Massachusetts, is the right choice for you, then you’ll have a range of queries and things that you wish to know before you can select a bankruptcy attorney. This is why your first consultation with a bankruptcy attorney is so essential.
Here’s what you need to know.
1. LASTS AROUND Half an Hour
Your initial meeting will be about 30 minutes and will involve answering many questions about your financial circumstance. Some queries will be somewhat embarrassing, but answering them will make it easier for your bankruptcy attorney to assist you.
It’s crucial that you are- organized and that you bring everything you want with you. It’s far better to get the paperwork instead -of a laptop or a printout of your present situation.
3. FINANCIAL INFORMATION
Like every other Boston Massachusetts bankruptcy attorneys, we’ll ask you for a lot of financial information, so you’ll need to get it. We will want to know about your assets, mortgage, loans, and other outgoings, and if you are- owed money, and much more.
You’ll want to make sure you discuss fees. Although we’re going to say it, we wouldn’t recommend that you pick your bankruptcy lawyer on prices alone. Indeed, the decades of experience, number of successful cases, and reassurance are worth more than just saving a few dollars. You will need to trust that your bankruptcy attorney, so if you’ve got a feeling in your gut that they’re not right for you, then go with your gut instinct.
Because you cannot keep filing for bankruptcy, you cannot try again for many years if you get it wrong or make the incorrect option. To assist you with your Chapter 7 Bankruptcy or Chapter 13 Bankruptcy in Boston, why don’t you fill out our online form and call today and speak to an experienced Boston Massachusetts bankruptcy lawyer now?