50 Cent Files for Chapter 11 Bankruptcy

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50 Cent Filed for Chapter 11 Bankruptcy today. But he’s not going under – in fact this is a good example of bankruptcy re-organization. In fact, he has adequate assets to pay creditors but is using Chapter 11 to give him time to restructure his assets to pay debt and also to get protection from creditors as he waits for an appeal ruling. Chapter 11 is a big bankruptcy that is essentially entirely “custom” and very expensive to file. But for large asset/debt people and corporations, it remains one of the best tools to re-organize debt and protect yourself from creditors.

Chapter 13 is the less expensive, very common personal reorganization used by ordinary consumers to get caught up on house and car payments. It typically costs $4000 in legal fees and the fees are part of the reorganization. Typically, it costs as little as $310 to file a Chapter 13 and get immediate protection from credit card.

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