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Bankruptcy court questions rapper's financial assets

Many Tennessee residents find that they are unable to meet all of their financial obligations. When this happens, many need to turn to debt relief options in order to stop collection efforts and creditor harassment. In many cases, this means filing for bankruptcy. Filing a personal bankruptcy, either under Chapter 7 or Chapter 13, can be in a good way for individuals to seek a fresh financial start.

However, individuals do not receive this debt relief in bankruptcy court without following the rules. Individuals must follow specific disclosure rules in personal bankruptcy cases. This means, they cannot try to hide assets that may otherwise be used to pay creditors. If individuals try to avoid disclosing some sources of income, they can face repercussions. Specifically, their discharge in the bankruptcy court may be placed into jeopardy.

Recently, famous rapper 50 Cent has been called back into bankruptcy court to explain pictures that have arisen on social media. The rapper, whose real name is Curtis Jackson III, filed for bankruptcy last year. In the bankruptcy petition, the rapper claims that many of his financial problems stemmed from a $17 million verdict against him in a legal dispute. He claimed that he was $36 million in debt.

However, since the bankruptcy several pictures have surfaced on the rapper's Instagram account showing him with piles of money. In a recent hearing, the man's attorneys claimed that the pictures were staged. They claim that the cash in the pictures was a marketing prop and not real. They say the pictures were used only to boost the man's brand and image and we're not an accurate representation of the cash the man had on hand.

The man's attorneys also had to promise to provide more information to the bankruptcy trustee about the man's income and business ventures.

Individuals should understand the financial disclosures that are necessary in a bankruptcy proceeding. Tennessee residents who seek bankruptcy need to understand these legal technicalities in order to ensure that they receive the debt relief they need.

Source: WFTV 9, "Bankruptcy court official calls for review of 50 Cent assets," Dave Collins, March 9, 2016

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