New Yorkers who plan on filing for bankruptcy may be interested in a publicized case involving rap artist Curtis Jackson, better known as 50 Cent. Jackson filed for bankruptcy in 2015 following a court's order that he pay $7 million to a woman who had a disagreement with him over a sex tape, and as of early 2016, he was known to owe different creditors a total of approximately $30 million. Three of them sought to have an impartial third party take over the rapper's money management until he satisfied the payment terms.
Requirements for filing for Chapter 13 bankruptcy
When New Yorkers need relief from their debts and are considering bankruptcy, it is important for them to understand the different chapters, the requirements and what type is best for their individual situations. Some people want to file for Chapter 13 bankruptcy, but not everyone will be eligible to do so.
Department of Education crackdown precedes bankruptcy filing
In January 2016, the U.S. Department of Education mailed cease-and-desist orders to two companies it believed were taking advantage of its logo. According to reports, these firms operated businesses that revolved around selling their assistance to student loan borrowers. New Yorkers with such loans may be interested in learning that the companies had already been highlighted for potentially violating consumer laws and that one, Student Aid Center Inc., filed for bankruptcy in early February.
Rapper Tyga filed for bankruptcy in 2010
New York fans of the rapper Tyga may be surprised to learn that in December 2010, he filed for Chapter 13 bankruptcy. At the time, he said that he owed between $100,000 and $500,000 but that his assets amounted to no more than $50,000. Although in 2007 Tyga signed a record contract, he had not yet released an album at the time of his filing.
Obtaining credit after bankruptcy
Many New Yorkers are concerned about how filing for bankruptcy will affect their credit scores. While bankruptcy will cause an immediate drop in a person's credit score, there are ways people can quickly improve their credit thereafter.
