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Hip hop star sought bankruptcy protection

Posted on July 24th, 2015 No Comments

American rap artist and actor 50 Cent submitted Chapter 11 bankruptcy papers in a Connecticut federal court on July 13, Rolling Stone reported.

According to reports, the 40-year-old rap mogul has listed $10 million to $50 million in assets and liabilities. The bankruptcy filing will allow 50 Cent to re-structure his finances as he works to find solutions for his businesses, a statement from a bankruptcy lawyer said. Though documents did not specify the details of the filing, the rapper apparently is seeking to address a Manhattan jury verdict in a 2009 lawsuit in which he was ordered to settle for $5 million. Filing for bankruptcy will allow 50 Cent to continue running his business as normal.

The Cincinnati lawyers of Ryan J. Ruehle Attorney at Law, LLC, assist business owners in filing for Chapter 11 Bankruptcy. Our lawyers understand how difficult it is for individuals who are struggling with their businesses, but bankruptcy can help you regain financial security. Find out how we may assist you in the filing process today by calling (513) 621-0999.

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