Although famous musicians, sports stars and other celebrities often earn significant incomes, the lifestyle that comes along with fame can lead to financial difficulties. In fact, news articles over the past years have reported that many celebrities have sought debt relief in order to satisfy creditors. Readers in Kentucky may be interested in a recent story that discusses the state of rapper 50 Cent's bankruptcy plan after he filed for Chapter 11 protection in 2015.
After filing for Chapter 11, 50 Cent makes $7.4M payment
Avoiding delays when filing for debt relief
When someone in Kentucky files for bankruptcy protection, they typically want the process over as quickly as possible. While necessary, the process of seeking debt relief can be invasive and at times uncomfortable. Using the case study of a famous rapper, a recent article discusses some things a person can do to avoid delays during bankruptcy.
Many factors dictate the reason a company files for Chapter 11
While some companies may find themselves in dire financial straits due to fiscal mismanagement, there are some corporations that are driven to seek bankruptcy protection because of factors that are completely out of their control. For example, there are many times when a sudden shift in the market occurs due to the introduction of new proprietary technology, or a dramatic change in demand ensues because of economic pressures. Readers in Kentucky may be interested in a recent story about the reasons that Essar Steel was forced to declare Chapter 11 bankruptcy.
Chapter 7 bankruptcy and student loans
Most Kentucky residents are under the impression that student loans can never be discharged in a bankruptcy, but that it not entirely true. Under certain circumstances, some or all of an individual's student loans can be discharged in a Chapter 7 bankruptcy. However, the process is complex and should not be attempted alone.
