50 cent files for bankruptcy

innovation · 07-13-15, 04:34 PM

living up to his handle

Jeffie · 07-13-15, 04:49 PM

What the hell... Didn't he make like 200 million off vitamin water?

Coach Potato · 07-13-15, 05:33 PM

Donald trump did the same thing guys; 4 times. Just saying. .....

big joe 1212 · 07-13-15, 05:53 PM

It's the American way!

Snowball · 07-13-15, 06:33 PM

Originally posted by Coach Potato

Donald trump did the same thing guys; 4 times. Just saying. .....

only his public companies, not his personal company nor his person.
he's too smart for that... lol..

Carseller4 · 07-13-15, 06:43 PM

Idiot was just out there endorsing Mrs. Bill Clinton just a couple of weeks ago.

Bostongambler · 07-13-15, 11:58 PM

America the beautiful

teaserpleaser · 07-14-15, 06:37 AM

Amazes me how naive most americans are to bankruptcy laws....ask trump if bankruptcy = broke and I think he'll chuckle with that stupid grin he does. If you think 50 is cash poor you could be retarded.

grease lightnin · 07-14-15, 09:57 AM

Chapter 11 denotes a business filing bankruptcy. 50 probably still has tons of cash himself.

TheMoneyShot · 07-14-15, 02:31 PM

A lot of myths with bankruptcy. I've studied a lot personally and business side to it. It's nice to have an attorney as a friend that you can have a few drinks with and he tells you strategies etc.

You always want to file a straight "personal" bankruptcy. I can't remember which chapter it is? I believe it's Chapter 7. Basically... this means you have no tax debt to the IRS or state you reside in. Tax debt can not be washed. If you just have C.C. debt... and you show income that can't clear that debt for the few years.... you should always go this route. It's the easiest for an attorney to file... you must do all of your debt/income analysis though... it will save you hundreds of dollars. Any attorney would file this for you in Michigan for around $700 single... and around $1,200 married. It's a huge bargain.

If you owe money to the IRS and/or state I believe you file Chapter 11. This really sucks though... you pay an attorney much more than a chapter 7 and... you don't feel like you gained any ground. Because you must repay the IRS and state in payment structures... usually set for 3-5 years. That means you must pay your attorney a set figure for the next 3-5 years... because he handles the accounting for you.

Donald Trump never filed personal bankruptcy. Every business he owns... has separate LLC's and INC's. The media screws the story up. In the business world... it is VERY HARD to open up loans to service these new businesses... without putting your "personal interest" on the line. If a business owner can service these loans without his personal interest on the line... it's always a WIN WIN. But ask any young business owner... banks will deny you without putting your house up... or some form of collateral. But, Trump knew who to ask... and where to go to. I'd easily pay the banks an extra 10% on top of the loan without giving them collateral. It's honestly a no brainer. The extra interest is tax deductible... and you can file corporate bankruptcy at anytime without sacrificing your personal life style.

itchypickle · 07-14-15, 03:08 PM

He's still got jokes though...

Attached Files

jtoler · 07-14-15, 03:19 PM

Originally posted by itchypickle

He's still got jokes though...

lol.

Ghenghis Kahn · 07-14-15, 03:23 PM

fukker isn't broke. he gets paid $200,000 for couple hours to show up at clubs in vegas.

Ralphie Halves · 07-14-15, 05:18 PM

I'm glad some of you get it. Bankruptcy is a tactic many rich people utilize. Trump did it 4 times. He was never anything short of a multi-millionaire during that time.

50's been learning from the big boys during his entire climb. Smart dude.