Rapper Curtis Jackson, better known as 50 Cent, is emerging from Chapter 11 bankruptcy less than a year after his filing. Jackson's attorney said that the plan agreed on by all parties is to pay his creditors within the next five years. That plan was approved by a bankruptcy court earlier this month.
Bankruptcy Filing Followed Loss of Lawsuit Regarding Sex Tape
Jackson filed for bankruptcy after he lost a lawsuit to a woman who accused him of posting a sex tape online of her and her boyfriend -- the rapper Rick Ross. He owes her $6 million as the result of the suit.
However, the bulk of Jackson's debt that's covered in the reorganization plan, $17 million, is to Sleek Audio, which is an audio equipment company. The rapper caused quite a stir shortly after his bankruptcy filing last year when he posed with a pile of what he said was fake money.
Rapper's "Future Prospects" Helped Facilitate the Agreement, According to Attorney
Jackson's career as a rapper, actor and more seems to be thriving. He has announced that he will be playing himself in a comedy series being considered by the Fox network called "My Friend 50." He has also publicly discussed plans to host and produce a variety series on the A&E network called "50 Cent Presents."
Jackson's attorney said that his client's plan to pay back his creditors "received overwhelming support" from them. He called it a "consensual plan" that "was the product of Mr. Jackson's good faith negotiations with his creditors and their confidence in his future prospects."
A "Fresh Start"
Obviously, not everyone has the financial ability to emerge from bankruptcy as quickly as a famous, successful rapper. However, Jackson took the step to file for bankruptcy for the same reason that many people do -- to "reorganize his financial affairs," as his attorney put it. Like others who emerge from bankruptcy, Jackson's attorney says that his client "appreciates the fresh start" this process provides.
Everyone's financial situation, of course, is unique. That's why it's essential to discuss yours and all of the options, including bankruptcy, with an experienced bankruptcy attorney. State bankruptcy laws vary, so you need the guidance of someone who is well-versed in the laws of your state.
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