• TaterTot
    +2

    Chapter 11, not so much. From the related article I linked above:

    Then again, there are plenty of successful entrepreneurs who’ve filed for bankruptcy, or whose corporations have done so, only to reach greater heights later on. Take Donald Trump. Though he has never filed personally, his companies have done so multiple times.

    Since 50 Cent filed for Chapter 11, it would lead one to believe that it could be a business strategy to get out of paying the $5 million as /u/LoboPreto said above.

    • Qukatt
      +1

      I dunno just such a cop out you would expect it to be scary enough to be a last resort only.

      • gnomeshell (edited 8 years ago)
        +1

        That would be chapter 7. Which is where they liquidate assets to pay off your debt. This one is your proverbial "last resort".

        Chapter 11 is a "reorganization" bankruptcy. A bit different.