Rapper 50 Cent filed for bankruptcy last year after a Florida woman won a $7 million judgment against him in an attempt to wipe out the debt as well as other business losses. Despite allegedly having no money, the rapper was caught on social media posting pictures of himself near wads of cash, an action that prompted a bankruptcy court judge to call him out and question whether 50 Cent had disclosed all of his assets.
Future bankruptcy filers can use 50 Cent’s example of what not to do during the bankruptcy process. If you plan on filing, you should be fully aware that even if your filing is approved, there is no guarantee that you will be allowed to complete the process. A bankruptcy filing can be dismissed for a multitude of reasons which include but are not limited to failure to file all of the necessary paperwork, not paying the fees, not making payments under a Chapter 13 bankruptcy or not fully disclosing all assets and liabilities.
Typically, procedural mistakes may result in bankruptcy dismissals which means your case will be dismissed without prejudice. If this happens you can likely refile right away, and an automatic stay will go into effect, stopping collection efforts. However, a case that’s dismissed with prejudice because a person knowingly abused the bankruptcy system will result in being unable to immediately refile, allowing creditors to take action against you.
This information is provided by Miami bankruptcy lawyer Alonso, Perez & Santos, LLP. Our areas of practice include bankruptcy, debt harassment, credit card defense, foreclosure defense, immigration law, condominium law, business start-ups, and more. Call 305-676-7545 to speak with one of our Miami insurance attorneys and receive a free consultation. We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.