2 years ago
christianmordi
in English · 2,799 Views
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50 You Are Not Alone: Here Are 5 Rappers Who Also Claimed Bankruptcy
50 Cent has had a rough week. Yesterday news broke that 50 Cent had filed for bankruptcy. Before we revoke his “money team” card and diminish his brand, we should note that he isn’t the first rapper to fall from grace.
Below I created a list of five rappers who blew their fortune in the past 20 years. Very few have bounced back from claiming bankruptcy, but if anyone in the rap game can do it, it’s 50 cent.
DMX had one of the worst falls from grace in hip-hop as of late. Claiming millions in debt and a $1.24 million child support backlog, DMX filed for bankruptcy in 2013. This case was later thrown out, as the Justice Department claimed he had repeatedly failed to provide accurate and consistent information in his court filings. Can’t knock the hustle.
There is no bankruptcy case from the early 90’s in hip-hop worse than MC Hammer. Despite numerous hits and worldwide tours, MC Hammer’s lavish lifestyle caught up to him. In 1996 Hammer filed for bankruptcy. He was in the whole 13 million dollars. He cleared his debt in 2007, but the IRS claimed again in 2014 that he was still $1.4 million in the hole. Damn Hammer.
RUN DMC changed the landscape of hip-hop in many different ways. In an attempt to dodge their record label and escape from the financial constraints it placed upon them, Run-DMC filed for bankruptcy in 1993. Unfortunately for them, the case was dismissed. This case changed the setup of record deals, as labels now insert a bankruptcy clause into record contracts.
The fall of Scott Storch is one of the worst blemishes in the hip-hop world in the past decade. Once one of the most sought after producers in the world, Storch blew his bankroll and filed for bankruptcy twice. In 2009 his house was foreclosed and he was hit with a Grand Theft Auto charge for failing to return a Bentley. Things haven’t gotten much better for Storch as last month he claimed in court that he had just $100 in cash to his name, with another $3,600 in assets consisting of clothing and a watch.
Suge story is a special one. His claim was started due to a lawsuit from the wife of a locked up drug dealer who claimed to have co-founded Death Row Records. Suge refused to disclose his assets and judge hit him with a 107 million dollar bill in the lawsuit. A bit much? Possibly. As a result, Suge filed for bankruptcy in 2006 to stop the courts from taking his label away.
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4 comments
but, how sway? no, but really how? I could've sworn 50 was rolling in the dough. didn't he have g-unit, vitamin water, etc. I don't get it. great card though! didn't know run dmc went bankrupt.
2 years ago·Reply
10
@jordanhamilton 50 isn't really broke, but at the moment his debts are close to what he has in his accounts.. basically hes trying to manage his finances so he can turn the corner again. I think it's possible, as this show POWER is really picking up steam. He can also always make new music and endorsements
2 years ago·Reply
10
@jordanhamilton Run DMC wasn't broke, they just didn't like the label did they had at the time and was trying to find loopholes to make more money out of the deal..lol. Can't knock the hustle though
2 years ago·Reply
10
Def can't knock the hustle and I def agree with you POWER is doing pretty well at the moment, so that should help him out -- at least I hope it does. I'm not going to lie, but I think his rap career ended years ago, but as far as entrepreneurship -- he's got that in the bag.
2 years ago·Reply