Trusted Toledo Attorneys Here For You In Difficult Times

  1. Home
  2.  — 
  3. Business & Commercial Bankruptcy
  4.  — Rapper to answer for photos of cash during Chapter 11 bankruptcy

Rapper to answer for photos of cash during Chapter 11 bankruptcy

On Behalf of | Mar 3, 2016 | Business & Commercial Bankruptcy

Some Ohio readers are familiar with the work of rapper 50 Cent, whose legal name is Curtis James Jackson. He has had a great deal of success in the music industry and has also tried his hand at acting. Jackson has filed for Chapter 11 bankruptcy, but photos in which he is seen posing with large stacks of cash have drawn attention to the case. He has now been ordered to return to court to discuss the full range of his current financial standing.

Jackson filed bankruptcy after losing a lawsuit that centered on the unauthorized release of a sex tape. As a result of that lawsuit, he was obligated to pay one woman $7 million in damages. She has been unable to collect any of that money, however, due to open bankruptcy case. It is believed that the woman brought the photos to the attention of the court.

Within one of the pictures, 50 Cent is seen snuggled up with piles of cash in a bed. In another, his refrigerator is full of stacks of bills. A third shows Jackson arranging stacks of money to spell out the word “broke.”

The sex tape lawsuit is not the only source of financial strain for the entertainer; he also owes significant amounts on mortgage as well as a failed business deal to market headphones. Those creditors have asked the Bankruptcy Court to compel Jackson to turn his finances over to a professional management company until he has paid back those debts.

Jackson will now have to appear in court to discuss the photos and whether he has followed the rules in regard to Chapter 11 bankruptcy. His attorneys assert that Jackson is in full compliance with all bankruptcy rules, and that the photos are nothing more than an effort to maintain the rapper’s persona and reputation within the entertainment industry. Ohio readers may learn a great deal more about Jackson’s lifestyle when he heads to court, and many will follow the case to see how the bankruptcy judge proceeds.

Source: Fox Business, “Judge Orders 50 Cent to Bankruptcy Court Over Instagram Photos“, Katy Stech, Feb. 19, 2016