A struggling economy can create financial challenges that may leave you with unpaid bills at the end of the month. Unexpected life changes, such as unemployment, serious illness or injury, can cause medical expenses and credit card debt to accumulate until you are in desperate need of debt relief.
Some Pittsburgh residents may be reluctant to consider personal bankruptcy to stop foreclosure and to stop repossession by creditors. Usually, this reluctance is because of the mistaken belief that filing for bankruptcy is a sign of failure.
The fact is that individual bankruptcy is simply a tool that is available to help you deal with the financial challenges that most people face at one time or another. A recent example of this is the rapper 50 Cent.
By all accounts, 50 Cent is a music industry success story who managed to invest his money in successful business ventures. This did not prevent him from filing for bankruptcy after he lost a lawsuit and was ordered to pay $5 million in damages.
The bankruptcy filed by the rapper claims to have debts and assets totaling somewhere between $10 million and $50 million. This protective move by 50 Cent allows him to continue his business activities while working toward resolving his financial challenges under the supervision of the bankruptcy court.
A bankruptcy attorney can be a good source of information and legal advice if you are in need of debt relief. Reviewing your financial challenges with a knowledgeable attorney might provide you with options for achieving manageable payments.
Source: New Pittsburgh Courier, “This is what 50 Cent’s bankruptcy filing really means,” July 14, 2015