Tag Archives: amounts-as-low

Bankrupt 50 Cent Claims Credit Companies Are Trying To Make Him Their Slave By Demanding The Money He Owes

50 Compares Debt Repayment To Slavery 50 Cent’s bankruptcy saga continues…this time with the really rich rapper claiming that his creditors are attempting to make him a modern-day slave with their plan of recouping the $30 million he still owes them. Via TMZ : 50 Cent is lashing out at some of the creditors in his bankruptcy case, telling the judge they are trying to set the clock more than 150 years and gunning to make him their slave. Three of 50’s biggest creditors — Sleek Audio, SunTrust Bank and Lastonia Leviston — have come up with a payback plan and are asking the judge’s approval. 50 has just responded, claiming the plan violates the 13th Amendment to the U.S. Constitution which bans slavery and involuntary servitude. He says the plan would create “a near-indefinite period of involuntary indentured servitude” where he has to work solely for the creditors’ benefit. He goes on to say, “The plan conditions [50’s] access to food and shelter on the whims of the trustee, who answers only to the [creditors].” He claims it amounts to “compulsive labor” which he says is unconstitutional. 50 owes his creditors more than 30 mil. Something tells us this argument may not hold up too well… Continue reading

Huh? Armed U.S. Marshals Have Started Arresting People Over Student Loan Debt

U.S. Marshals Make Arrests Over Student Loan Debt Scary news for anyone out there with outstanding student loans . Apparently government resources in the form of fully outfitted and armed U.S. Marshals are being allocated to collect old loan debts — for amounts as low as $1500. One Houston man was shocked when a SWAT Team-level sting operation hit his doorstep and carted him down to the courthouse without bothering to read him his rights, in demand that he pay a 20-year-old loan debt. And the worst part is that they plan to use this method even more in the future… Via Complex : As seen in Aker’s case, which is (sadly) far from unique, federal resources are being used to essentially carry out the duties one would usually attribute to a lowly debt collector. This seemingly ridiculous allowance, as noted by Rep. Gene Green, was made possible thanks to Congress just a few short years ago. According to Green, private debt collection agencies are getting judgments against the owners of these debts (even, apparently, 29-year-old debts) secured in federal court with ease. After a judgment is secured, the agencies are apparently asking for (and being granted preposterous access to) the usage of armed U.S. marshals. Aker, who was forced to sign a repayment plan for his 29-year-old debt, will sadly not be the last person to be arrested by armed federal agents. In fact, FOX 26 estimates that another 1500 arrest warrants are expected to be issued over unpaid federal student loans in the Houston area alone. Yikes. If this is the new norm…how many of you can expect a team of armed officers at your door in the near future?? Creative Commons / Fox 26 Continue reading