Bankruptcy Lawyer Bryan W. Stone answers the question “Can I buy a home after bankruptcy?”
Last month Ann Nevins, a bankruptcy judge in Connecticut, ordered Curtis Jackson (also known as 50 Cent) to explain why he had been posting images on social media sites which appeared to showcase the life of a wealthy rapper rather than someone in the midst of a bankruptcy filing. Judge Nevins criticized the pictures as disrespectful to the court and to the bankruptcy process. Beyond making a mockery of the dire straits most people find themselves in when seeking bankruptcy protection, 50 Cent was also facing potentially serious trouble if it was discovered that he had been hiding assets from the bankruptcy court, a crime.
After several weeks of headlines surrounding the case, 50 Cent has taken a step to respond to Judge Nevins and others who criticized his Instagram and Facebook posts. The rapper said that the pictures showing him surrounded by stacks of money were all fake and the bills were simply props, designed to bolster his image as a highly successful celebrity.
50 Cent went on to say that just because he is photographed in close proximity to cars, clothing, jewelry, money or other expensive products does not mean that he owns those things. Instead, many are the result of product placement or attempts at self-promotion. 50 Cent said that it is crucial for his business that he maintain an active social media presence that is consistent with the public persona of 50 Cent. Posting pictures of a man strictly following a budget would harm his career, including his ability to earn money needed to repay his creditors.
The issue involving the ostentatious online displays of wealth was first brought to the bankruptcy court’s attention earlier this year after creditors spotted the pictures. 50 Cent owes more than $25 million to various individuals and the pictures of the rapper standing amidst piles of money were seen as a slap in their faces. As a result, the creditors raised the issue to the bankruptcy judge, noting that the social media posts were, at a minimum, openly contemptuous of the bankruptcy process.
Besides explaining himself to the judge, 50 Cent and his lawyers also revealed that they had reached an agreement with the creditors who hold the vast majority of the rapper’s debt. This may result in a speedy resolution to the pending bankruptcy case, as a restructuring might free up enough money to allow 50 Cent to pay his remaining debts without further bankruptcy court intervention.
In a final act of defiance, 50 Cent posted a new picture on his Twitter and Instagram accounts soon after leaving the Connecticut courthouse. The caption “I had to go to court today because…” appeared below a picture of 50 Cent posing with stacks of cash in the waistband of his pants.
If you are contemplating bankruptcy in the Charlotte area, please call the skilled lawyers at Arnold & Smith, PLLC find additional resources here. As professionals who are experienced at handling all kinds of bankruptcy matters, our attorneys will provide you with legally sound advice for your particular situation.
About the Author
Kyle Frost joined Arnold & Smith, PLLC in 2013 where he focuses his practice on all aspects of civil litigation and bankruptcy, including: Chapter 7, Chapter 11, Chapter 13, home loan modifications and landlord-tenant issues.
Born and raised in upstate New York, Mr. Frost attended the University at Albany on a Presidential Scholarship, graduating magna cum laude with a double major in Political Science and Sociology. He went on to attended Wake Forest University School of Law in Winston Salem, North Carolina.
Following college, Mr. Frost spent over a year teaching English in South Korea. He worked in a private school in Seoul developing curriculum, English programs, and educating both children and adults that were interested in learning a new language.
In his spare time, Mr. Frost enjoys homebrewing, fishing, and travelling.
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