Even Mississippi millionaires can benefit from bankruptcy

Most Southaven residents probably associate personal bankruptcy with individuals struggling with their finances. Indeed, Chapter 7 or Chapter 13 bankruptcies help debtors take charge of their finances and confront difficult situations. However, not everyone who struggles with debt is low-income. Even Mississippi millionaires and other high earners can find themselves filing for bankruptcy to achieve a fresh start.

Those who listen to hip-hop may have heard that rapper 50 Cent recently filed for bankruptcy. This may surprise some as it might be assumed that celebrities with lavish lifestyles would simply be able to scale back and pay off their debts. As many local families know, though, this is often much easier said than done, no matter one's income. In 50 Cent's case, Forbes estimated his net worth to be over $150 million just two months ago. He has made as much as $100 million back in 2007 from a lucrative investment in the popular Vitamin Water line of drinks, has appeared in multiple films and he produces a show on the Starz network.

Given all of the above, it might puzzle some that 50 Cent chose to declare bankruptcy. Adding to the confusion is the fact that he listed his debts and assets at around $10 million and $50 million. Thus, he may not be declaring bankruptcy due to having run out of money to pay debts. Rather, he may be using bankruptcy to protect his multiple business ventures while he pursues debt relief.

Whether one is overwhelmed by too many unpaid bills or in need of protection for businesses, bankruptcy may be a viable solution. An honest and thorough discussion with a local bankruptcy attorney can reveal which option may be most appropriate for an individual's unique financial situation.

Source: The Washington Post, "Is 50 Cent really broke? Why a millionaire would file for bankruptcy," Jonnelle Marte, July 14, 2015

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