50 Cent’s Bankruptcy Shows Debtors What Not to Do After Filing

Posted on March 21, 2016 at 12:00pm by
Petition for bankruptcy for coronavirus

Rap artist 50 Cent’s Chapter 11 bankruptcy case continues to become more interesting. 50 Cent, also known as Curtis Jackson III, was most recently seen on Instagram posting photos of himself flashing stacks of $100 bills. In one of the photos, Jackson spelled out the word “BROKE” with giant stacks of money.

It is speculated by the mainstream media that Jackson’s businesses filed for Chapter 11 bankruptcy to escape several lawsuits. Jackson is being sued by his ex-girlfriend Lastonia Leviston for $7 million after it was alleged he leaked a sex tape of her online. The rapper is also being sued for $18 million by a headphones company.

One of the last things you want to do during bankruptcy is troll the judge, which is what appears to have happened here. In the Instagram photos, Jackson is seen lying on a bed with piles upon piles of $100 bills. In other photos, he is showing off an African mansion. Obviously, the bankruptcy judge was upset with the recent developments and demanded Jackson appear in court to explain himself.

Jackson’s attorneys have claimed the bills were fake and used to promote his business ventures on social media. He has also claimed the African mansion was fake. According to his attorneys, the fake money was just part of the image Jackson needed to cultivate for his business ventures.

What You Should Do During Bankruptcy

Bankruptcy is for the honest debtor. Debtors are required to show a full accounting of assets and income. When lying is suspected, people can get into serious trouble. Lying during bankruptcy is also known as fraud, which carries criminal penalties and fines.