Rapper 50 Cent Ordered to Bankruptcy Court Over Instagram Photos
A bankruptcy judge has ordered 50 Cent into her courtroom to explain a number of photos of the rapper posing with large stacks of cash, suggesting that he could be lying about his current financial situation after filing for Chapter 11 bankruptcy last summer.
According to the judge, bankruptcy is supposed to be a transparent process meant to help “honest, but unfortunate” people achieve a fresh start. These photos suggest that 50 Cent’s asset disclosure may not be as transparent as it should be.
One of the photos shows stacks of hundred dollar bills arranged to spell the word “BROKE.” A different picture show him lounging on a bed surrounded by piles of cash, and another shows a refrigerator stuffed with bundles. He has also bragged online about buying a new home in Africa.
The rapper’s lawyer has said that the photos were released with the intention to smear him after a woman was unable to collect $7 million from 50 Cent in a sex-tape dispute. The rapper’s mortgage lender and a partner in a failed headphone deal joined forces with the woman to attempt to get an outside financial professional to manage his money until he could pay back creditors the roughly $30 million he owed to them. The lawyer contended that the three creditors had intentionally ignored the fact that the rapper, as part of the entertainment business, uses photos of this kind to promote his image and brand. The lawyer insists that all of the rapper’s income has been faithfully reported and that it is a mistake to imply that he is concealing assets.
The Instagram photos can be viewed online via The Wall Street Journal: Judge Orders 50 Cent to Bankruptcy Court Over Instagram Photos. We’ll let you decide for yourselves what to think.
If you’re considering bankruptcy, don’t be like 50 Cent. Turn to the Chicago bankruptcy lawyers at Atlas Consumer Law Call today for a consultation!