Eldee Tha Don Explains 50 Cent's Alleged Bankruptcy Claims

If you're one of those who fell for recent reports that rap superstar, 50Cent filed for bankruptcy because he is broke, I invite you to join Trybe Records CEO, Eldee Tha Don's Bankruptcy Class 101.

The 'Get Rich or Die Trying' rapper filed for chapter 11 bankruptcy protection a few days after a jury directed him to pay $5 million to the ex-girlfriend of a rap rival - Rick Ross - for releasing an adult video she made with her boyfriend online without her permission.

Now, the controversy is understandable because as at May 2015, Curtis '50 Cent' Jackson's estimated net worth had been pegged at $155 million but court papers which he filed in U.S. bankruptcy court in Connecticut, put his assets and debt in the range of $10 to $50 million.

Wading into the debate in the Nigerian social media space, Eldee, who is currently in the U.S, put 50's bankruptcy claim in better perspective.

He posted the screenshot (above) of an earlier tweet by him on Instagram with the caption: "Chapter 7 (the more popular one) is liquidation bankruptcy, where your assets are sold off to recover debts in order to pay your creditors. Chapter 11 on the other hand (what 50Cents claimed to have filed) is rehab bankruptcy. This type allows you to renegotiate and re-organize payment terms with creditors. Rather than selling off assets, you have an opportunity to rehabilitate your financial well being. filing a chapter 11 doesn't mean you have no more money. Before you join the bandwagon, read".

So when next you see 50 spending some cool dollars on strippers in a club and you begin to wonder how come, Eldee just explained it for y'all.

 

Thank him later...lol