Despite the fact that 50 Cent filed for Chapter 11 bankruptcy last July, it appears from the rapper’s Instagram account that he is, literally, rolling in dough.
50 Cent Bankruptcy
U.S. Bankruptcy Judge Ann Nevins has asked 50 Cent, whose real name is Curtis James Jackson III, to appear in court after three of his creditors brought it to her attention that the rapper was posting pictures of himself among literal towers of money. In one photo, the rapper lays on the floor next to the word “B-R-O-K-E” spelled out in stacks of cash. In another photo, he is lying on a bed surrounded by cash.
As the creditors' lawyers have explained, they feel that the rapper has not properly disclosed all his assets, including payment from concerts he has given since declaring bankruptcy, and also the house that he claims, via Instagram, to be building in Africa.
During a recent hearing, Judge Nevins expressed her concerns about the on-going bankruptcy case. “I am concerned about this case,” she said. “The statements in the disclosure statement are specific and inflammatory. And I feel the court needs to address them, directly, with debtor’s counsel, the creditors in the case, the office of the U.S. trustee. And I feel it may be necessary for the debtor to be present.”
50 Cent’s Bankruptcy Lawyers
Despite her concerns, and the photos depicting multiple thousands of dollars, 50 Cent’s lawyers and his creditors say they are close to creating a reorganization plan that is agreeable to all parties. “All his income has been reported,” said the rapper’s lawyer, James Berman. “He’s current on his operating reports.” While Nevins expressed she was glad to hear this, she still wants “to understand what’s going on in this case. I’m concerned about allegations of nondisclosure or a lack of transparency in the case.”
Holley L. Claiborn, a lawyer with the U.S. Trustee, a Justice Department agency that oversees bankruptcy cases, also agrees that the allegations that 50 Cent’s creditors are lodging need to be explored. “We think that those allegations are significant, they are serious, and they ought to be explored,” Claiborn said.
Explanation of Photos
As 50 Cent’s lawyers explained, the rapper “is in the entertainment and promotion business and must maintain his brand and image (or those of the products he is promoting).”
All parties, including 50 Cent and his creditors are scheduled to be back in bankruptcy court March 17 to review a potential settlement in the bankruptcy case, but Nevins has asked for 50 Cent and his lawyers to return to court sooner in order to address these recent disclosure issues. Yet, no date has been set for that.
Working with a Bankruptcy Attorney
Bankruptcy can be an overwhelming process. That’s why we advise that you work with a phoenix chapter 7 bankruptcy lawyer that is familiar with various debt repayment options. We are committed to helping our clients understand their rights and options under the bankruptcy law and developing the debt relief solution that makes the most sense for each individual. We invite you to call (602) 648-3274 or contact our Arizona office to schedule a free initial consultation.
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