Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “What are my alternatives to bankruptcy ?”
As we discussed on Tuesday, the rapper 50 Cent (also known as Curtis James Jackson III), has found himself in legal hot water after the bankruptcy judge presiding over his case caught wind of recent social media posts that seem to indicate the rapper is worth far more than his stage name implies. In a series of Instagram and Twitter updates, 50 Cent posted photographs of himself sleeping with, standing next to and spelling words out of giant stacks of money.
Bankruptcy Lawyer Bryan W. Stone answers the question: “What are my alternatives to bankruptcy ?”
The rapper 50 Cent has been in the news since he filed for bankruptcy last year, claiming that two separate court-ordered judgments and other high expenses pushed him into bankruptcy. However, his bankruptcy case took an interesting turn this [week] after the bankruptcy judge ordered him to appear and explain numerous photos he has been posting on Instagram of himself surrounded by $100 bills and stacks of money.
Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Will anyone find out about my bankruptcy?”
The Illinois Supreme Court is set to rule on a case involving a debtor’s failure to disclose an unliquidated personal injury claim in his bankruptcy proceeding. The facts of the case serve as a warning to all debtors and potential debtors that all assets—even non-cash assets that a debtor is uncertain to recover—must be disclosed in a personal bankruptcy.
The debtors in the bankruptcy case—a husband and wife—filed for bankruptcy in 2008. In 2009, they modified their bankruptcy plan after the husband was injured in a work-related accident and began receiving workers’ compensation payments. After the husband returned to work the following year, he was injured again in a work-related accident. On the way to the hospital, he sustained further injury when the ambulance that was transporting him was involved in an accident.
Since the injuries the husband sustained in the ambulance accident were not work related, the husband sued the party responsible for causing the ambulance accident in state court. After bringing that lawsuit, the husband and wife were granted a discharge in their bankruptcy action.
When the defendant in the ambulance accident case learned about the bankruptcy, he moved for summary judgment, arguing that the husband was required to disclose the ambulance-accident claim in his bankruptcy proceeding. In general, debtors must disclose all of their assets in a bankruptcy—even non-cash assets.