On July 13, 2015, Curtis Jackson, AKA 50 Cent, filed for Chapter 11 Bankruptcy protection ultimately ceasing a decision on a pending lawsuit between himself and Lastonia Leviston over the release of sexually explicit videos involving Mr. Jackson and Ms. Leviston. However, in some recently published photos on social media, Mr. Jackson appears to be posing with stacks and stacks of hundred dollar bills. As you can see in the title image, Mr. Jackson actually spells the word “BROKE” out of these stacks of hundreds.
The issue here is that, in any bankruptcy case, the client needs to be forthright about their financial situation. The judge in this case, Judge Ann Nevins, ordered Mr. Jackson to her courtroom to explain these photos. Apparently a few of the creditors believe Mr. Jackson is not being transparent and may be hiding assets. This is a big no-no as I am sure any trustee will tell you.
Bankruptcy relief is in place to help those in serious need. If you find yourself facing a financial hardship, whether as a business entity or personally, make sure you speak to an attorney to analyze the situation thoroughly. Also, remember that proper disclosure is KEY in any bankruptcy proceeding.
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