50 Cent Files for Bankruptcy

50 Cent bankruptcy
Brad Barket/Getty

Rapper 50 Cent, whose real name is Curtis James Jackson III, has filed for bankruptcy.

The musician listed assets and debts each in the range of $10 million to $50 million in court papers filed in the U.S. Bankruptcy Court in Hartford, Conn., on Monday.

“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,” 50 Cent’s attorney, William A. Brewer III, partner at Brewer, Attorneys & Counselors, said in a statement to Variety.

Brewer said 50 Cent’s business ventures will continue unaffected in the ordinary course during the pendency of the chapter 11 case.

The filing comes days after a jury ordered him to pay $5 million to a woman who sued over a sex tape that was posted without her permission, according to the Associated Press, and two months after his boxing promotions company, SMS Promotions, filed for bankruptcy.

50 Cent, who produces and stars in the Starz show “Power,” earned $100 million after selling his stake in VitaminWater to Coca-Cola in 2007.

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    1. Bobbi says:

      He’ll be fine….just a strategic move to keep from paying the gal that accused him of making the tapes public.

    2. Craig says:

      He’s not bankrupt. This is a way of using the bankruptcy court system to get out of having to pay that woman her $5M. Or have her take a lot less. This will be tied up in the court for likely another two years. The women’s attorney’s bills are going to be rolling in, she won’t get her $5M any time soon and she’ll likely agree to a much less settlement to be paid more quickly. Rich people do this all the time when they are face to pay someone a huge amount they otherwise don’t want to. Donald Trump declared bankruptcy a few years ago. Do you think he has no money left in the bank either? Not a chance.

    3. Michael Anthony says:

      I don’t buy the opinion that he’s run out of money. More likely, its because he doesn’t want to pay the $5m judgement in the video court case. You see this all the time: wealthy people declaring bankruptcy to avoid paying the judgement. Watch him keep his mansion and all his other toys, and end up paying little to the woman who sued him. He’s a weak individual who thinks he’s due all the riches with none of the responsibility.

    4. kelly says:

      “take quarter water sold it in bottles for 2 bucks,
      Coca-Cola came and bought it
      For billions, what the f**k?
      Have a baby by me; baby
      Be a millionaire
      I write the check before the baby comes,
      Who the f**k cares
      Im stanky rich
      Ima die tryna spend this shit”

      -50 cent your an idiot

    5. richard says:

      More like 2 CENT… Never ceases to amaze how some of these “entertainers” make an undeserved fortune in a minute due to hype and lose it in thirty seconds. Guess all that money ended up in the pockets of lawyers, accountants, managers and other suits attached to the permanent business that processes folks like Mr.Jackson like cattle. Sad.

    6. kelly says:

      Maybe he will finally live up to his name and be worth 50 cents!

    7. Jacques Strappe says:

      “50 Cent Files For Bankruptcy” is a funny sounding heading. Next time, pick a more expensive rapper name.

    8. Michelle says:

      Reblogged this on MichelleJMean and commented:
      Follow my blog at mydavenda.com

    9. cylon6 says:

      If you have $100m you shouldn’t be poor if you look after your finances.

    10. Sam says:

      That what he gets for spending too much time trash talking on the “Empire” tv show and everything else he claims is a copycat of his, instead of his finance.

    11. Kenny says:

      This situation would be sad if it wasn’t so hilarious! Actually, I feel sad for his creditors. No, I don’t. Mr. Jackson and his creditors deserve each other.

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