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50 Cent Makes A Statement On His Bankruptcy Claim

50 Cent filing for bankruptcy came as a surprise to everyone and some of us were in disbelief. We feared that 50 was on the downside within his finances and if 50 aka Mr Vitamin Water can go broke then where does that leave us?lol

50 cent suit

Well 50 has come out to explain that the Chapter 11 filing was a measure in order to recognize and restructure debt situation. This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.

Speaking about his business move, 50 states that he is simply making the moves any good businessman would. Here is the full statement

“I’m taking the precautions that any other good businessperson would take in this situation. You know when you’re successful and stuff, you become a target. I don’t wanna be a bulls eye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that. Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward. I gotta descent legal team. You don’t have to worry.”

William A. Brewer III, partner at Brew, Attorney & Counselors and whose part of 50’s counsel issued a statement to Billboard:

“The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests. Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case. This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs.”

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