You may think that being rich makes you immune to debt. That is simply not true. History has a record of many rich people, including celebrities, that have found themselves over the head in debt. Just a few years ago, rapper Curtis Jackson III known better as 50 cent found himself in millions of dollars in debt. Just this week, he had something to celebrate. The rapper 50 cent debt free after completing bankruptcy.
Rapper 50 Cent Debt Free After Completing Bankruptcy
50 Cent filed for bankruptcy on July 13, 2015. His Chapter 11 bankruptcy case was initiated to help Jackson resolve his $32 million of debt owed to creditors spread among his several business ventures. At the time of filing, 50 Cent’s assets were listed at $10 to $50 million dollars, claiming a similar amount in debt. Of the 32 business entities he holds stake in, 50 Cent’s biggest source of debt was from legal fees. It is estimated he owed $20 million in legal fees resulting from lawsuits filed against him in the years prior.
The Chapter 11 bankruptcy case developed a payment plan for Jackson to follow for debt resolution. Typically, a Chapter 11 case could take anywhere from three to five years to complete. 50 Cents case was scheduled for five years. However, he must have stayed the course and worked hard to pay off hid debt obligations early, nearly 15 or more months early.
On February 2nd, a federal bankruptcy judge approved the discharge of 50 Cent’ case. He used $9 million of his own money to pay off his debt. $13.65 million was sued from a recently won medical malpractice lawsuit. As of today, 50 Cent does not owe any debts and is released from liability on any debts that were included in his original filing.