50 Cents files for bankrupcy
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50 Cents files for bankrupcy
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Joined: Apr 2002
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From: Raleigh
In all honesty, it's not like he's flat broke, just the balance sheet (debt/assets to income) is in the red. Basically it's like this:
Let's say you have a shit load of credit card debit, just bought a new Bentley (more debt), and went to Rent-And-Roll and just put you some new twanky-fo's on the Rolls. Well you dont have enough liquid cash to pay for all of that AND your mortgage. Now a financially responsible person might liquidate assets (sell the Bentley and return the rims) in order to make the mortgage payments. BUT NO...I want to keep my cars and wheels and continue making the minimum payments on my credit cards so I can ball til I fall. That's chapter 11 bankruptcy. It allows you to keep all your shit while not being able to pay for it. It really helps create bubbles like we saw in 2008.
Morons.
Let's say you have a shit load of credit card debit, just bought a new Bentley (more debt), and went to Rent-And-Roll and just put you some new twanky-fo's on the Rolls. Well you dont have enough liquid cash to pay for all of that AND your mortgage. Now a financially responsible person might liquidate assets (sell the Bentley and return the rims) in order to make the mortgage payments. BUT NO...I want to keep my cars and wheels and continue making the minimum payments on my credit cards so I can ball til I fall. That's chapter 11 bankruptcy. It allows you to keep all your shit while not being able to pay for it. It really helps create bubbles like we saw in 2008.
Morons.