Master P's No Limit filing for bankruptcy

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Posted by shamma

This is indeed a shame, they are not the first and they will not be the last, squander money like its nothing, spending like there is no tomorrow. FOOLS I say, all fools.

PWG, when hubby and I watch crib we laugh our hearts out, he always says why?? do they need all that??? One hit wonders, they need to take classes in managing their monies instead of trying to buy class.

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That is b/c people don't understand that money will NEVER be able to buy class, EVER!!! No matter how hard people try, there will be homeless people and people on welfare who have more class! My mom always had this quote that i loved and think is important in this day and age. Live Simply so others may simply live! hell yeah. why do we need estates for retired couples on golf courses where schools for kids with disabilities used to be when we don't have affordable housing! why do people drive hummers that get 8 miles to the gallon when our whole life we have learned what automobile pollution does to the environment? our country has done more harm to this world in the last 100 years than all of time combined. don't get me wrong, i love the luxories of life that i have, but i know what is excess and what i don't need! sorry, but i am just saddened by kids killing kids and the major discrepency between classes and the lack of taste in our world. what ever happened to a simple life?

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Posted by NYCHICK

yea but filing for bankruptcy ties up ALL of your finances, Lil romeo better get a second job.

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Maybe Lil Romeo is fine and his father will have to borrow money and cars from him

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Posted by NYCHICK

yea but filing for bankruptcy ties up ALL of your finances, Lil romeo better get a second job.

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ties up the business, businesses are seperate entities.

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Posted by shelzyp

I know i am really stupid, but Master P is Lil romeo's dad??

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you are not stupid! lol and yes.. Master P is his father.. =)

and I thought he was like a billionaire or something.. hmm..

Such people and businesses may declare bankruptcy by filing a petition with the U.S. Bankruptcy Court, that is, a request that the court provide protection and relief under the Bankruptcy Code. In addition to that request, the debtor must provide information about his or her assets, liabilities, income and expenditures

His finances have to be acounted for is what I mean. There is no way he can file for bankruptcy and have a ton of cash. He will have to take money away from things to pay his debt.

NYCHICK-how do you know all of this? as in, all this info about these celebs?

I have my sources

But the debtor is not him

the debtor is the corporation, the corp has its own tax id #, and they are responsible for thier own debt. That is why corporation exist, so that the owners are not personally liable for the copr's debts.

If I own IBM stock, I am a partial owner of IBM, if they file for bankruptcy I do not file, and the IRS doesn't look at my stuff.

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Posted by MarcellaBella

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Posted by shelzyp

I know i am really stupid, but Master P is Lil romeo's dad??

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you are not stupid! lol and yes.. Master P is his father.. =)

and I thought he was like a billionaire or something.. hmm..

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I had to google master p to figure out who he was!!!! and all i know now is that he is a rapper, owns a record label, that i never heard of, and his kid is lil romeo.

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Posted by NYCHICK

I have my sources

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seriously, you're like anti-celeb

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Posted by NYCHICK

Such people and businesses may declare bankruptcy by filing a petition with the U.S. Bankruptcy Court, that is, a request that the court provide protection and relief under the Bankruptcy Code. In addition to that request, the debtor must provide information about his or her assets, liabilities, income and expenditures

His finances have to be acounted for is what I mean. There is no way he can file for bankruptcy and have a ton of cash. He will have to take money away from things to pay his debt.

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Tons of people file for bankruptcy and have money.

shelypz


this is Master P


Li Romeo

How old is Lil Romeo, he has a car

Gotcha. So does that mean that he has no financial reprocussions for this. That is weird, he has to feel the burn from this somehow or else there wouldn't be such a fuss right?? Isn't he the sole owner of his label? If his label goes out of business what does that mean for him? This I find very interesting. Man am I a ham

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Posted by dgtlsunshine

How old is Lil Romeo, he has a car

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LOL!! That's why peewee and I are laughing.. b.c on MTV cribs they show us Lil Romeo's new benz.. all supped up!! he's like 12!

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Posted by MarcellaBella

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Posted by NYCHICK

I have my sources

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seriously, you're like anti-celeb

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Not at all I just think alot people don't have an accurate knowlege of the music bizz really entails, and I mean business, it is hairy But Celine Dion, I love her talent and her business is STRONG

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Posted by NYCHICK

Gotcha. So does that mean that he has no financial reprocussions for this. That is weird, he has to feel the burn from this somehow or else there wouldn't be such a fuss right?? Isn't he the sole owner of his label? If his label goes out of business what does that mean for him? This I find very interesting. Man am I a ham

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He will lose any money he has invested in the corp.

It means nothing if it gfoes out of business, he just loses his investment.

The only reason there is a big fuss, is becasue the media needs something to talk about, since the nabet story is getting old.

Bankruptcy will not preclude him form paying the IRS though, he will ahve to pay the fine, but won't hav to pay off the other debts.

Also he might have jail time fro not filing the return.

I thought he was about that age. Now that is a mess


You have to be careful with MTV cribs. My best friend works in the music business and she inform me that sometimes the houses they show do not belong to the stars

She said you got to play that game though the music business is all about image. They rent everything for these videos and shows.