Attorney Mark Steinberg Weighs in on 50 Cent Bankruptcy Case

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Bankruptcy attorney Mark S. Steinberg, of the Miami Law Firm of Mark S. Steinberg, P.A., stresses that no matter one’s station in life, no one is immune to bankruptcy, but, fortunately, recovery is possible. The bankruptcy of millionaire rap star/producer Curtis Jackson, aka 50 Cent*, is making headlines; however, according to Steinberg, Jackson is just the latest in a long line of celebrities who filed for bankruptcy and came back stronger than ever.

Mark S. Steinberg

But an equally important takeaway to this story is all of the famous people who filed bankruptcy before 50 Cent and bounced back very nicely, including Cyndi Lauper, Mike Tyson and Burt Reynolds.

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“This just goes to show that nobody is immune to financial woe, even the rich and famous, and that private life does not always match public perception,” said Steinberg, who has practiced bankruptcy law in South Florida for almost twenty years. “But an equally important takeaway to this story is all of the famous people who filed bankruptcy before 50 Cent and bounced back very nicely, including Cyndi Lauper, Mike Tyson and Burt Reynolds.”

According to a July 17, 2015 article on CNN.com, court documents show that Jackson, who is estimated to have a net worth of $155 million, filed for bankruptcy not because of out-of-control spending but because he is facing multiple lawsuits. This may be an effort to protect his businesses as he deals with his debts. “Bankruptcy could give the star a chance to work through the lawsuits, restructure his business ventures, unload underperforming or overvalued assets, and eliminate unsecured debt,” Steinberg said.

Most people who file bankruptcy, whether it be Chapter 7, 11 or 13, do so as a result of unforeseen events in their lives such as a loss of job, loss of spouse, or a major medical problem. According to Steinberg, even people who don’t have famous names to fall back on can and do survive bankruptcy stronger and more resilient. But regardless of why they have to file bankruptcy, most people use it as an opportunity to examine how they handle their finances and to learn from their past mistakes.

  • US Bankruptcy Court/District of Connecticut (Case No. 15-21233)

About Mark S. Steinberg, P.A.
For more than twenty years the Miami Law Firm of Mark S. Steinberg, P.A. has been protecting the rights of Florida’s families. Mark takes time to understand the needs of his clients and takes a holistic approach to solving problems. Mark has dedicated himself to the practice of bankruptcy, consumer protection, and family law, but through an affiliation with some of Miami’s most well-respected attorneys can also assist clients with many of their other legal concerns. For more information, please call (305) 671-0015, or visit his Google+ page. The office is located at 9100 South Dadeland Blvd, Suite 1607, Miami, FL 33156.

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