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Rapper 50 Cent files for bankruptcy

There are people in the United States searching for a way to relieve their debt every day. For some, bankruptcy is the only form of debt relief that they see fits, as it will erase most or all of their debt and allow them to start over financially without the stress of owing a large amount of money to anyone. This is an option that many people take advantage of, including celebrities.

Actor and rapper 50 Cent is the most recent celebrity to file bankruptcy. After losing a court battle over a sex-tape that he allegedly illegally published, the star was ordered to pay $5.5 million. Even though it was reported that he has a net worth of over $100 million, while in court, his attorney reportedly shared the news that his net worth is actually only $4.4 million. This presented a problem for him because what he owes is more than what he is worth.

This situation is something that many people experience when they find themselves in trouble financially. Oftentimes, when people are overwhelmed by bills, it is because they are not making enough money to pay them. Their inability to pay their bills and lower their debt may result in them filing bankruptcy and having their debt wiped away.

Filing bankruptcy requires the assistance of an attorney. With the laws and process possibly being confusing for people, attorneys are there to help answer questions for those who are considering filing bankruptcy and assist those who have made the decision to file. A person's debts should not haunt them for the rest of their life, so if filing bankruptcy can help them avoid this, they deserve to explore what this debt relief option can do for them.

Source: Business Insider, "50 Cent on bankruptcy filing: 'It's strategic'," Ali Weisman, July 29, 2015

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