50 Cent Flaunts His New Mansion in Africa after Declaring Bankruptcy

by San Antonio Attorney

US rap artist 50 Cent showed off his new home in Africa on Instagram after a recent bankruptcy filing in the US.  He posted a video of the house on his social media account saying that it is almost done.

Two months ago, he sought for bankruptcy protect shortly after a jury ruled he had to pay $5 million to a woman for leaking a sex tape lawsuit that involved her.

In the Instagram post, 50 Cent did not reveal what country in Africa it was built.  It shows people doing work outside the house.

Many were surprised since he had sought for bankruptcy protection.  At the time of the filing, the rapper explained that it was a strategic bankruptcy for his business.

Chapter 11 bankruptcy buys time for a debtor restructure finances while keeping them untouched from creditors’ collection efforts.

The famous American rapper has various business interests including drinks, boxing, clothes, and mining.

His stake in VitaminWater made him tens of millions of dollars when it was purchased by Coca-Cola in 2007.

His “Get Rich or Die Tryin?” album in launched him to international fame in 2003.

In May, Forbes valued 50 Cent’s net worth at $155 million. His fall from the top has been fast and almost unimaginable.

When 50 Cent filed for Chapter 11 bankruptcy protection on July 13, he claimed assets and liabilities are between $10 and $50 million.

Filing for bankruptcy can be a way for a debtor to protect himself from some of the fallout from the losses. If you need to protect the things you worked hard for while you are experiencing a personal financial crisis, a Bankruptcy Attorney San Antonio can help you determine if bankruptcy is the best course of action for you.

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