Jul 13, 2015 news just broke out: http://www.businessinsider.com/50-cent-files-for-bankruptcy-2015-7 such a shame, we all thought this guy was so rich, was all a show and lies....
Jul 13, 2015 just because you file for bankruptcy does not mean you are broke... the legal system makes bankruptcy a lot more complicated then what it sounds like Chapter 7: basic liquidation for individuals and businesses; also known as straight bankruptcy; it is the simplest and quickest form of bankruptcy available Chapter 9: municipal bankruptcy; a federal mechanism for the resolution of municipal debts Chapter 11: rehabilitation or reorganisation, used primarily by business debtors, but sometimes by individuals with substantial debts and assets; known as corporate bankruptcy, it is a form of corporate financial reorganisation which typically allows companies to continue to function while they follow debt repayment plans Chapter 12: rehabilitation for family farmers and fishermen; Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income; enables individuals with regular income to develop a plan to repay all or part of their debts; also known as Wage Earner Bankruptcy Chapter 15: ancillary and other international cases; provides a mechanism for dealing with bankruptcy debtors and helps foreign debtors to clear debts. I am sure he is filing bankruptcy for one of his business ventures therefore unable to pay some "debt" he has under that particular business... he does have PERSONAL INCOME with a bunch of 0's I am sure, even though some of his businesses are not being managed well at the moment - and he has a bunch of lawsuits he is fighting
Jul 13, 2015 http://www.celebritynetworth.com/richest-celebrities/richest-rappers/50-cent-net-worth/ he has personal assets worth 50m$ and debts worth 50m$, so if he pays all his debts tomorrow, then yes he is broke(which wont happen).
Jul 13, 2015 his business are profitable so therefore like most corporations...they will pay off debts slowly through business assets not personal income...if his business goes downhill, I am sure his investments/assets are still worth quite some money therefore he would still be a millionaire - maybe not worth 50million
Jul 13, 2015 ya that's the thing, what are his businesses? he might get out of the hole if hes able to generate a lot of income to pay off the debts in the up and coming years. still a really fragile situation tho.
Jul 13, 2015 True, you are right it is a fragile situation...I just feel that the media blows it out of proportion though...am not sure what he owns...but for example if he has a bunch of shares in Apple he could sell that, some property he owns? or his vodka, boxing promotion and whatever other assets he has and he would cut off a lot of that debt...only his financial manager / accountant knows how much he owns....and typically most businesses are in debt to start - never use your own money kinda mentality....he will get loans as long as he is still FAMOUS lol because of his personal income he can still make off 50 cent brand maybe not his business ideas lol but a Chapter 11 bankruptcy is all about rehabilitation. It gives companies the chance to stay in business and control the bankruptcy process at the same time.
Jul 13, 2015 ya but like you said, lets say he has apple shares, this is counted in his assets(aka his 50m$).the only way for him to get out of the hole is to generate NEW income which is the main reason why I was asking what are his businesses:we all know he wont be making 50m$ from music. stock market has been awful lately.and we all know the guy has a big mouth so if he was printing in some sort of business, we would have heard about it by now so where is he getting income from??? my guess is unless he finds a way to generate new $$$ the guy is gonna be really broke in the coming 3-5years.
Jul 13, 2015 if anyone know about 50 cent businesses please write it here,Id really like to know where he is generating new incomes.
Jul 13, 2015 True, he is always working though - even if its for someone else...movies, tv shows, tours, music, advertising, promotion...when you can generate a bunch of income quickly its a lot easier to pay off debts...that's why I don't really find this too bad in his position...because its failed business management/ideas/products/service.... he just needs to be smart with his personal income...so he covers any failed business ventures for example if this was Tony Yayo, Lloyd Banks, Young Buck or any regular rapper then I would be more worried LOL
Jul 13, 2015 he might try to make decent music again now,could be a good news OR he might go Eminem path and feature every pop artist on his next album.
Jul 13, 2015 It also could be a LEGAL strategy that I am not aware of to pay off a lawsuit lol file bankruptcy (cant pay for full amount, settle outside of court), pay off "debts", start a new business with new creditors under a new name? I am not a lawyer but there are always ways around certain things especially for people in certain tax bracket with a certain amount of millions/billions to their name what do you think eminemson?
Jul 13, 2015 without the full details its really hard to judge but because of how important his image is to his future income I doubt he would do this unless he had serious debts issues. I mean 50 know this would blow up all over the news/internet and hurt his image which is worth way more than the 5m$ his trying to dodge. think about all the sponsorship deals etc he can sign, hurting is image for 5m$ is a really bad idea if he was doing fine.
