50 Cent Files for Bankruptcy

The rapper is protecting his assets
Tuesday , 14 July 2015
50 Cent Files for Bankruptcy
Don't Bank on Him: 50 Cent is out of cash

Maybe after being found in the club too many times has proved costly to rap superstar 50 Cent who has filed for chapter 11 bankruptcy protection.

According to documents lodged in the US Bankruptcy Court in Hartford, Connecticut and obtained by the Wall Street Journal, the hip-hop star has filed under his real name, Curtis Jackson, and lists his debts as "primarily consumer".

The news comes two months after 50 Cent's boxing promotions company, SMS Promotions, also filed for "relief under chapter 11 of the Bankruptcy code", and just days after he was ordered to pay $5 million (£3.3 million) to a woman who sued him over a leaked home-video.

Lastonia Leviston, who has a child with 50 Cent's rap rival Rick Ross, claimed the In Da Club hitmaker acquired a tape she made with her then-boyfriend and used it without her permission in a 2009 spoof video featuring his alter ego, Pimpin' Curly. He also provided commentary. 

Breaking his silence following the shocking news, 50 told Eonline.com: "I'm taking the precautions that any other good businessperson would take in this situation. When you're successful and stuff, you become a target. I don't wanna be a bulls eye. I don't want anybody to pick me as the guy that they just come to with astronomical claims and go through all that." 

50 Cent added: "Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you're reorganising your finances, but it does stop things from moving forward that you don't want moving forward. I gotta decent legal team. You don't have to worry (about me)." 

 

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