50 Cent On Bankruptcy: Rapper Reveals He Is Not Panicking (Photo : Reuters)
Last week, rapper 50 Cent filed for bankruptcy. The rapper opened up about his situation and stated that he is not panicking.
50 Cent or Curtis Jackson talked to Entertainment Tonight after filing for Chapter 11 bankruptcy. He explained that he is calm and more than him, fans on the internet are panicking about his money issues.
He added that "people love tragedy" more than happy news. Jackson thinks that 90 percent of news is tragedy.
The rapper stated that whatever is happening is not permanent. "I make decisions to do things based on the position that I'm placed in at points," Jackson said.
William A. Brewer, who is Jackson's lawyer, talked to Us Magazine and said that 50 Cent filed for bankruptcy to work out his finances. However, bankruptcy will not have any effects on his professional career.
"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," Brewer said.
Meanwhile, filing for Chapter 11 doesn't mean that Jackson will have no money left.
"In Chapter 11 in particular, one usually has many assets - in fact, Chapter 11 is used to protect those assets while repaying creditors what they would get if the assets were liquidated," Mark Markus, bankruptcy attorney from California said to Mashable (obtained via TIME).
50 Cent is insolvent and he is unable to pay his debts as they become due. It has to be seen how Jackson's legal team will reorganize his funds.
