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Bankruptcy May Be Your Option

Rapper 50 Cent submits repayment plan

As many in Oklahoma are likely aware, no one is immune to the effects of debt. Even those in the public eye who seem to have all the money they could possibly need can find themselves struggling with debt and seeking options for relief. Rapper 50 Cent has recently found himself in such a situation. After filing for bankruptcy last year, his representatives have recently submitted a repayment plan to the court.

As part of the plan, the rapper is required to pay approximately $23 million to his creditors over the course of the next five years. To meet this goal, he must pay approximately $400,000 each month. He plans to liquidate some of his assets to fulfill the requirements of the proposed plan.

His largest creditor, Sleek Audio, will receive $17.4 million, while SunTrust Bank is set to receive $4.9 million. His bankruptcy filing came amidst another court case in which a woman sued him for posting a video of her online without her knowledge. As part of that case, he must pay her $6 million. The submitted plan must still be approved by the court.

While not everyone has the assets and debts of a famous rapper, there are many in Oklahoma who are saddled with debt that they cannot seem to escape no matter how much they budget and cut back in their spending. For many, a bankruptcy filing and the creation of a repayment plan may be the best option for debt relief. Because the majority of people are unsure about their options regarding such relief, they seek advice from professionals with experience with bankruptcy law.

Source: New York Daily News, "50 Cent plans to dole out nearly $23 million over five years to pay off debt", Melanie Dostis, April 12, 2016

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