When the rich and famous use bankruptcy for a fresh start | The Colpitts Law Firm
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Bankruptcy May Be Your Option

When the rich and famous use bankruptcy for a fresh start

Personal bankruptcy represents different things to people. For some people, it can provide protection from creditors, prevent foreclosure and offer relief from medical debt or credit card debt.

A business owner may see bankruptcy as an opportunity for a business reorganization with restructured debt. A business bankruptcy may allow an owner to continue operations free of threats from creditor thanks to the automatic stay that suspends collection activities during the bankruptcy.

Determining whether a bankruptcy is the correct option for an individual or business is only the first step. The next decision is the type of bankruptcy proceeding that would best help to achieve the debt relief that is sought. Chapter 7, Chapter 13 and Chapter 11 are options available to consumers and businesses.

The Chapter 11 bankruptcy filed by rapper 50 Cent offers an example of an individual’s use of a type of bankruptcy normally associated with businesses seeking to eliminate debt. In addition to the money he makes from his albums, the rap artist is an entrepreneur whose various business interests include everything from sneakers to vodka.

According to the paperwork 50 Cent filed with the bankruptcy court, he owes up to $50 million to creditors. This includes $5 million that he was recently ordered to pay to a woman who sued him and won.

The use a Chapter 11 as a personal bankruptcy by 50 Cent demonstrates the many options that may be available for someone seeking a fresh start after being confronted by financial challenges.

The average Oklahoma individual or small business overwhelmed by debt and in need of debt relief might benefit from a consultation about bankruptcy law with a Tulsa attorney. The attorney might be in a position after reviewing a person’s finances to offer legal advice and recommendations about the best option for a achieving a fresh start.

Source: KOCO, “50 Cent files for bankruptcy,” Jackie Wattles, July 13, 2015

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