50 Cent Files For Bankruptcy

The jokes we could make here are endless, but that’s not entirely the point. Curtis Jackson III or 50 Cent, as he’s widely known, filed for Chapter 11 protection in the U.S. Bankruptcy Court in Hartford, CT yesterday on July 13th. This is the same day he was supposed to be in New York state court for a lawsuit filed in 2010 by Rick Ross’ ex-girfriend Lastonia Leviston. Ah, a good ‘ol rap beef. Those of you who follow 50 know that this is about a sex tape. Leviston claims that Jackson violated her privacy by releasing the tape and the courts even ordered  a $5 million settlement.

As we’ve mentioned before with Donald Trump, filing for bankruptcy isn’t always what it seems. In fact, when one files for bankruptcy protection it usually pulls the handbrake on lawsuits and collection efforts. Jackson estimates that he has between $10 and $50 million worth of assets and debts, which were not itemized in his bankruptcy petition.

Don't think we forgot about this one, mate

Don’t think we forgot about this one, mate

“This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs,” Said 50’s lawyer William A. Brewer III.

This could very well just be a ploy to get 50 out of dropping $5 million to settle an old beef, as he is a pretty shrewd businessman. But it’s not too far fetched to think that he’s completely squandered his wealth. In May, Forbes estimated that he 40-year-old rapper (holy shit he’s 40 now can you believe it?) is worth $155 million, so we’ll see how this goes in the coming months.

Via The Wall Street Journal

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