Birdman in Foreclosure, Next Stop- Bankruptcy?

Photo MTV.com

According to DigitalMusicNews.com, Birdman, the founder of Cash Money Records is in foreclosure for his $12 million mansion, but it gets worse.

Once a foreclosure is completed, the lender takes over the property. Whatever is left inside the home, belongs to the lender.

In Birdman’s case, there were apparently four bicycles manufactured by Gucci that are collector’s items, but the bicycles are gone and the lender is asking for it to be returned.

Birdman’s lawyer claims that the Gucci bikes were payment for legal services, but the lender showed the court a recent Instagram post by Birdman with the caption “my Gucci bikes.”

Fact is, if this was payment for attorney’s fees, his attorney should have taken possession of those bicycles a long time ago to avoid this issue.

In addition, Birdman went from owing a former employee, Nicolas Jose Penzo $9,000 in pay to more than $1 million. How? Like too many clients I’ve come across in the past, he ignored a lawsuit.

Penzo was the property manager and in his lawsuit, he claimed $9,000 in wages, plus an additional $15,000 in damages. But, Birdman did not file an answer to the lawsuit, had a default issued against him, and Penzo returned to court and also demanded compensatory damages which the judge granted at $1 million.

I always advise clients ignoring a lawsuit makes things worse and as an example I ask when your mechanic advised you that the transmission on your car needs to be replaced, did it get better by ignoring it?

Ignoring a lawsuit could lead to your bank accounts being seized, your wages garnished, or even liens placed on your property whether house or car.

Have questions regarding a lawsuit and are considering filing for bankruptcy? Contact attorney Alex Hernandez for a free consultation.

Attorney Alex Hernandez

Representing clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents for 20 years. (904) 712-5565 or (305)-688-LAWS (5297). *Se Habla Español

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