50 Cent, aka. Curtis James Jackson III, really seems to think his filing for Chapter 11 restructuring is just a big joke and a way to just get rid of some of his debt. We all know he really isn’t really broke, but he’s sure making it look like he is to the courts, he just gave the bankruptcy judge a list of his many creditors.
What we ask is how can our in-debt government allow these “broke” people to just go to court, pay a small fee, and have millions of dollars they owe wiped out and are then able to form a new slate and start adding up debt all over again?
One such person we remember is singer Toni Braxton, who was $50 million in debt, filed for bankruptcy in 1998, got the debt wiped out, and filed for bankruptcy again in 2010 saying she is again around $50 million in debt. Yet it was extravagance that got her in trouble both times. And after her 2nd filing she was still able to get a mortgage for a $3 million Calabasas, CA mansion. Another person we can think of is Donald Trump, he has filed for bankruptcy numerous times and now thinks he can run the country? We could all be could be good presidents if we could just click our fingers and wipe out our debt!
The 50 Cent character has been seen giving strippers $5000 this week even after filing. He has been running around mocking the system and joking about how broke he is with a pocket full of $100 bills. He even posted a picture of himself standing in front of an economy car with the caption “Times are hard out here guys.”
He was reported to be worth $155 million last year and now wants the courts to wipe his debit of $26 million, even the $1,737 owed to his grandfather.
He says he also owes $137,880 to Bentley, $64,909 to American Express and, oh yeah, 2 court judgments against him totaling more than $23 million.
We suggest an easier solution: he sell his Bentley, pay his bill to American Express, pay his court judgements and then just shut up. It is sickening to see him laughing about owing so much when he has the cash to take care of ALL his bills and still be worth more than $100 MILLION
Any judge that allows him to get away with this show of blatant misuse of the system, should be removed from the position of judge. And if the court or judge doesn’t make him auction the Connecticut house we are featuring here (reportedly he has never even lived there) we know there is some major problem with the bankruptcy court system. (Not that we don’t already see there is).
Today, July 17th, he even told the bankruptcy judge he is rich, really rich, he just doing this as a good business move.
What is really going on with this law? Is it being abused by the rich and should be stopped. You should not be able to file bankruptcy and end up still a millionaire in the end, let alone worth over $100 million.
Here is the 50 Cent actual Bankruptcy Petition with the United States Bankruptcy Court
For those interested, Zillow – 50 Cent Mansion describes the “50 Cent mansion” as follows:
Experience an opulent lifestyle in this magnificent 50,000+ sq. ft. estate with breathtaking mountain views. The palatial home has room for everyone. It offers three separate living quarters all with full kitchens, bedrooms, living and dining rooms. The current celebrity owner, Fifty Cent enjoys the long list of luxurious amenities including: gated entry, three-story atrium, home theater, conference room, gym, billiards room, racquet ball court, indoor pool and fully equipped night club with lighted dance floor, bar and DJ area. Set on seventeen sprawling, professionally landscaped acres with pond, basketball court, tennis court with viewing area and outdoor infinity pool with grotto. It has 21 bedrooms, 25 baths, and is 48,515 square feet.
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