In the summer of 2015, the infamous rapper 50 Cent dropped a bombshell of an announcement: he was flat out broke and had to declare bankruptcy. Some people assumed that it was because he was trying to get out of paying a legal settlement, but others reasoned that it was just poor financial management on his part. Regardless of what his true motives were, it became clear that he would be joining countless Americans in wondering how to find a good bankruptcy lawyer, and then choosing a lawyer who would best suit his needs.
Although most Americans who are in the middle of finding an attorney for bankruptcy cases probably aren’t famous rappers, there are actually some lessons to be learned from 50 Cent’s financial fiasco:
- Keep a savings fund. Emergencies are going to happen all the time — whether they’re medical emergencies, home emergencies, or anything else — and they’re going to be expensive. Many people end up calling their local bankruptcy lawyers simply because they can’t pay their bills after an emergency.
- Not all valuables will look like money. Filing for bankruptcy isn’t an easy thing to do because there’s a chance that you’ll lose property, personal belongings, and anything of value that might contribute to paying off your debts. If your money is tied up in expensive cars and fancy real estate properties, you might want to sell this yourself instead of filing for bankruptcy (and then having the court sell it for you anyways).
- Know what you have to lose before filing for bankruptcy. This is where it really becomes important to talk with your local bankruptcy lawyer and figure out how much you have to lose if you file for bankruptcy, versus whether you’re able to pay off your debts in another way. 50 Cent lost one major thing: his status as a rich celebrity. Filing for bankruptcy isn’t something that’s easy to hide, and although you don’t have to talk about it, it’s important to understand that it stays with you for years; your local bankruptcy attorney will be able to help you figure out if filing for bankruptcy really is the best option for you.
