Rapper 50 Cent’s
flamboyant displays of wealth on social media were recently taken to task yet again by a bankruptcy judge. At the beginning
of this month, the rapper, whose real name is Curtis Jackson, was ordered
to stop showing off wealth he apparently doesn’t have.
Jackson filed for Chapter 11 bankruptcy last year, although it has been
suspected that he has been lying about his financial situation after posting
a number of photos with stacks of cash. Jackson has also bragged online
about buying a new luxury home in Africa. The rapper claims that the photos
he uploaded to social media, which showed him next to wads of cash and
luxury items, were intended as a joke and that the money was fake. According
to his lawyer, the photos were meant to promote the rapper’s brand
and should not be taken as a representation of his actual financial situation.
The judge didn’t buy any of these excuses, however, saying:
“While you’re in this courthouse, there is nothing funny going
on. This is very serious stuff. I would appreciate it very much if we
could keep it that way."
Concealing Assets in Bankruptcy is a Bad Idea!
50 Cent’s behavior during his bankruptcy case has many suspecting
that he isn’t being 100% truthful about his financial situation.
We can learn two important things from his example:
- Be careful what you post on social media
Never attempt to conceal assets during your bankruptcy case
When you file for bankruptcy, you are obligated to disclose all of your
debts and assets. Out of fear of losing certain assets, some people will
attempt not to disclose them or to conceal them by transferring them into
someone else’s name in the hopes that their trustee won’t
find out about it. There is a slim chance, however, that a person will
get away with it, and if they are caught, they could face serious consequences.
First off, hidden assets cannot be discharged, which defeats the purpose
of bankruptcy. A discharge can also be revoked, or worse, a person can
face criminal charges for perjury.
If you are seeking a discharge of your debts by filing for bankruptcy,
call Sulaiman Law Group, LTD today at (312) 313-1613. We stand ready to
guide you through the process from start to finish.