Think that all rappers are rolling in the dough? Think again. One once-famous rapper did not take care of his finances and has had to file for Chapter 7 bankruptcy as a result.

According to the latest edition of a financial newspaper, the rapper initially filed under Chapter 11 bankruptcy protections. Based on his current and anticipated finances, the judge and court trustee determined that he did not qualify for a repayment plan. However, he could have his case converted to a Chapter 7 bankruptcy protection case.

This is still advantageous to the rapper although it does mean a few changes. He will have to sell off some of his assets in order to pay his debts. A portion of his debts, mainly unsecured debts, will be dismissed upon successful completion of the terms of his bankruptcy as outlined by the court. The rapper hopes that a new contract will help him satisfy some of his debts without having to sell all of his assets.

If you need help filing for Chapter 7 bankruptcy in the state of Texas, contact the Malaise Law Firm to enlist the help and expertise of a Houston bankruptcy attorney from our law office. With our help, you'll find that the bankruptcy process is much easier.