Rapper Curtis Jackson, also known as 50 Cent, has already racked up tens of thousands of dollars in legal fees since filing for Chapter 11 bankruptcy in July to restructure his mounting debts on him.
Three different law offices are working for Jackson’s bankruptcy, as reported by the electronic docket of the US Bankruptcy Court for the District of Connecticut.
Jackson incurred about $85,000 in fees and $5,000 in expenses from this one firm between July 13 and September 30, thought the firm is just asking for 80% of the expenses right now. It’s not clear if the firm will ask for whatever is left of those fees later on.
The rapper incurred more than $17,000 as a result of his ongoing legal action with a lady whose sex tape he posted online and about $15,000 for lawful representation, including his “trademark maintenance.”
Eighteen legal advisors, including lawyers worked on Jackson’s behalf, as did three paralegals and a private investigator too. Eight partners worked for Jackson, seven of whom had charged rates of $675 for an hour. To be precise, this rate is actually on the low side compared to some huge corporate law firms, which can charge well enough more than $1,000 for 60 minutes of a partner’s time spent, the law firm’s blog noted this a year ago.
Despite the fact that they’re not as a matter of course over the top, these fees could add up as the bankruptcy delays — particularly considering the way that Jackson is involved in multiple legal disputes on top of his Chapter 11 case.
Looking at the situation and the crime facing 50 Cent, I think Jackson should forget about filing for bankruptcy. He will end up paying for more at the end. What do you think? Have anything to add to this article? Leave your comment below. Share with your friends on Facebook, Twitter and Google+
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