According to an exclusive with TNHT Blog, Tasha K has officially filed for chapter 11 Bankruptcy according to documents they have obtained and published.
Swipe to view the documents:
Despite the stigma attached to bankruptcy, this will be helpful for Tasha as she organizes herself to pay nearly $4M in defamation damages to Cardi B.
Chapter 11 is primarily designed for businesses, but individuals can also file for Chapter 11 under certain circumstances.
Chapter 11 allows a debtor (the entity or individual filing for bankruptcy) to reorganize its financial affairs and restructure its debts while remaining in operation.
The goal is to create a plan that allows the debtor to continue its business operations, repay its creditors over time, and emerge from bankruptcy as a viable and profitable entity.
When a business files for Chapter 11 bankruptcy, it typically becomes a debtor in possession (DIP), which means that the existing management continues to operate the business during the bankruptcy proceedings.
This is different from other forms of bankruptcy, such as Chapter 7, where a trustee is appointed to liquidate the debtor’s assets.
Under Chapter 11, the debtor has the opportunity to propose a reorganization plan, which outlines how it intends to repay its debts and address its financial obligations.
The plan must be approved by the bankruptcy court and the creditors, and it generally involves negotiating with creditors to modify the terms of existing debt, such as reducing the amount owed or extending the repayment period.
Chapter 11 bankruptcy provides the debtor with several advantages, such as the ability to retain control of the business, access to new financing, and the opportunity to reject or modify contracts and leases.
It also offers an automatic stay, which halts collection actions and lawsuits by creditors, giving the debtor time to reorganize its affairs.
While Chapter 11 bankruptcy can be a complex and costly process, it offers a path for businesses to restructure their debts, regain financial stability, and continue their operations.
It provides an opportunity for debtors to avoid liquidation and work towards long-term viability.
Earlier this month we reported that Cardi was set to seize another $640 from Tasha’s Google account who owns YouTube.
Her filing ordered Google to turn over all assets.
“YOU ARE HEREBY COMMANDED to immediately hold all money, including wages, and other property, except what is known to be exempt, belonging to the Defendant or obligations owed to the Defendant named above beginning on the day of service of this summons and including the next 1,095 days,” the notice read.
According to TNHT Tasha currently has $95 in her chase account. A total of her personal property including purses, cars, clothes, engagement ring, business related properties etc., was equal to $58,595.56 and she currently is not being evicted from her home.
Tasha K has not confirmed anything so far but, she has rebranded her pages and still remains ‘in business’ from the looks of things:
Twitter reaction:
Tbh is im going to keep it all the way ? I want #CardiB to get her money owed to her from #TashaK but I had to be realistic and honestly the Chapter 11 Bankruptcy is not suprising. Alot of us were saying she was eventually going to do this….#WellDamnAintThatAboutABih pic.twitter.com/aGkYdAAIoZ
— SkoolBoi (@Skool_boi) May 26, 2023
and
Tasha K got 95$ in her bank account currently . Running ya mouth caused you to go broke doing that lady’s bidding. pic.twitter.com/NfDa9Np5vf
— misdemeanor (@I_DropKickHoes) May 26, 2023
and
Yall, Tasha did not "win" by filing bankruptcy… As long as this is on Tasha K's plate, she will never have any peace and I hope Cardi never let's off of her neck.
— An Icon, not an Ex Con (@moonbae510) May 26, 2023
and
Tasha K gone be owing Cardi b her whole life ? that bankruptcy do not exclude that 4 million you owe that girl .
— pkay. (@PkaySosa) May 26, 2023
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