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Rapper goes back to bankruptcy court

South Carolina residents may have heard that rapper 50 Cent was ordered back to bankruptcy court over pictures he posted to his Instagram account. The rapper, whose real name is Curtis Jackson, filed for Chapter 11 bankruptcy in July 2015 after he was ordered to pay $7 million to a woman after leaking a sex tape she was in. The judge said in her ruling that she was concerned about a lack of transparency in the case, which was what instilled confidence in the bankruptcy process.

In addition to the woman, 50 Cent also owes a mortgage lender and a business partner money. Attorneys for the rapper say that the pictures in questions cannot be used against him. They further added that Jackson is an entertainer who is trying to promote a brand and is not intentionally hiding assets from creditors. Despite making a statement, 50 Cent's attorneys did not respond specifically to the judge's ruling.

Those who are interested in debt relief or reorganizing their personal finances may wish to talk to a personal bankruptcy attorney. An attorney may be able to explain the benefits of such a move as well as inform a debtor as to his or her rights and responsibilities while the case is ongoing.

Debtors are often granted an automatic stay against creditor contact after filing for protection. Under Chapter 7, many unsecured debts are discharged within a few months of filing after the debtor's non-exempt assets have been liquidated and the proceeds used to pay off credits. Once debts are discharged, creditors may not take any action to collect them unless a debtor agrees to pay them voluntarily. If a creditor does take action in an effort to collect a discharged debt, the debtor may ask a judge to reopen the case.

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