Despite his attachment to the title “Get Rich or Die Tryin'” rapper 50 Cent, also known as Curtis Jackson, filed for bankruptcy protection on Monday, July 13. The chapter 11 protection was filed the same day that Jackson was set to appear in court to determine whether he owes punitive damages in a 2010 lawsuit filed by rapper Rick Ross’s ex-girlfriend, Lastonia Leviston.
In the previous week, a jury had ordered him to pay $5 million to Ms. Leviston in that invasion-of-privacy lawsuit. Jackson had posted her private sex tape with his own commentary to social media during an alleged dispute with Ross. While the lawsuit was not mentioned in his bankruptcy petition, filing for bankruptcy protection generally halts lawsuits and collection efforts.
Bankrupt, but not necessarily broke
Jackson’s assets and liabilities are listed as between $10 million and $50 million. His current address was listed as a 19-bedroom mansion once owned by Mike Tyson. Additionally, Jackson was named one of Forbes‘ wealthiest hip hop artists of 2015. According to his lawyer, filing for personal bankruptcy protection will allow 50 Cent to continue with his business interests and career as entertainer while reorganizing his financial affairs.
While the rapper may have filed for bankruptcy, you can see that it doesn’t necessarily mean he is broke. For more on this story, read the entire article at Philly.com. If you’re looking for more information on your own financial reorganization, be sure to give LUONGO BELLWOAR LLP a call.