The allegedly bankrupt musician, 50 Cent, recently posted a photograph of himself hanging out with giant stacks of cash. He posted the photograph just days following a bankruptcy court judge ordering him to appear in court to answer her questions about previous pictures he posted of himself with lots of money.
The 40-year-old rapper posted the photograph on Tuesday, in spite of the U.S. Bankruptcy Court Judge saying that she was concerned about his possible lack of transparency relating to previous pictures with cash. He is scheduled to appear in court on March 9.
Fifty Cent, a.k.a. Curtis James Jackson III, has downplayed the photos, saying that he is following all appropriate bankruptcy laws and the bizarre photos are nothing more than "branding." However, people in the midst of bankruptcy proceedings have to be very straightforward and transparent about their spending and earning practices. If the stacks of money do belong to him, then he could be in trouble for not revealing his true net worth, and for not depositing the money in a special account earmarked for his bankruptcy estate.
One financial expert from a major accounting firm offered his opinion about the matter. He said that those in bankruptcy proceedings should hold their cash in a bank account that is created after the bankruptcy filing is completed. He said that the money should not be kept at home or laying around on the floor, as 50 Cent appears to be doing in his photographs.
According to court records, 50 Cent owes a woman $7 million following her court win over a sex-tap dispute. Furthermore, 50 Cent is said to owe about $30 million to creditors.
The bankruptcy process is an excellent way to resolve debt owed to creditors, if a Pennsylvania resident is unable to pay his or her bills. However, during the bankruptcy process, one must be sure to follow court rules in order for the proceedings to be successful.
Source: Market Watch, "‘Bankrupt’ 50 Cent posts yet another photo of mountains of cash," Katy Stech, Feb. 24, 2016