Most Southaven residents probably associate personal bankruptcy with individuals struggling with their finances. Indeed, Chapter 7 or Chapter 13 bankruptcies help debtors take charge of their finances and confront difficult situations. However, not everyone who struggles with debt is low-income. Even Mississippi millionaires and other high earners can find themselves filing for bankruptcy to achieve a fresh start.
Those who listen to hip-hop may have heard that rapper 50 Cent recently filed for bankruptcy. This may surprise some as it might be assumed that celebrities with lavish lifestyles would simply be able to scale back and pay off their debts. As many local families know, though, this is often much easier said than done, no matter one's income. In 50 Cent's case, Forbes estimated his net worth to be over $150 million just two months ago. He has made as much as $100 million back in 2007 from a lucrative investment in the popular Vitamin Water line of drinks, has appeared in multiple films and he produces a show on the Starz network.