50 Cent in Bankruptcy Court for Broke Joke Post

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By Ephrat Livni, Esq. on March 10, 2016 12:57 PM

The rapper 50 Cent has a big social media following in great part because he is unabashed about what he shares and not filtered by a slick marketing team. But it might be time for him to hire some PR people because his Instagram post boasting stacks of cash just got him in trouble with a judge, according to Mashable.

Curtis Jackson, as he is known in court, declared bankruptcy last year and yet, the ironically named 50 Cent -- whose Instagram account has lots of pictures of money and luxury -- was surrounded in a photo by dollar bills arranged to read "BROKE." It would have been a great joke if it didn't get him hauled into court.

Is This for Real?

According to his filing in response to the court order to appear, 50 Cent claimed the money in the photo was fake. Still, according to Judge Ann Nevins, he will be subject to an asset review by the US Trustee's Office.

The rapper is under financial scrutiny after he declared bankruptcy last year following a judgment in a lawsuit that is part of a long and ongoing legal saga. Many believed that 50 Cent declaring bankruptcy was a dodge and now the judge is going to follow up more closely. So let's take a look at bankruptcy, briefly.

Bankruptcy

We've all heard the term bankrupt used but we don't necessarily know how bankruptcy works. Unlike most other legal claims, which are heard in either civil or criminal courts, state or federal, bankruptcy has its own court system and rules. There are various types of bankruptcy claims available to individuals and businesses that overextended themselves and can't meet their financial obligations.

Bankruptcy is a way to discharge debt and plenty of people use the system when they are down, from Donald Trump to the masses saddled with credit card debt. But not all debts can be discharged through bankruptcy -- student loans are exempt for example.

Unless you really are in dire financial straits, going bankrupt is not a good idea -- first you may not succeed and second it will seriously mar your credit. Then there's the fact that you subject yourself to a court's scrutiny of all your financial dealings. Judging from 50 Cent's recent experience, that's no joke.

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