Artist News Legal

50 Cent declares himself bankrupt

By | Published on Tuesday 14 July 2015

50 Cent

50 Cent got rich without dying, so now he’s going to have another go. The rapper has filed for bankruptcy

According to the Wall Street Journal, 50 Cent, real name Curtis Jackson, filed for bankruptcy protection in the US yesterday, reporting both assets and debts between $10 million and $50 million and somewhere between one and 49 creditors. Imagine not being sure about your debts to that degree. What do you mean he just ticked a box? No, I think he really is that confused.

The news comes just days after the rapper was ordered by a Manhattan court to pay $5 million in damages to Lastonia Leviston, after he leaked a sex tape featuring her and a former boyfriend in 2010. The court heard that Jackson had placed the video online as part of an ongoing beef with Rick Ross, with whom Leviston has a child.

Although the bankruptcy papers do not mention that legal case, the two things are definitely linked. Jackson filed for bankruptcy protection just as the court was due to consider what further punitive damages the rapper might have to pay in relation to the sex tape leak. The bankruptcy filing will likely halt that review.

The rapper had already filed for bankruptcy for one of his companies, a boxing promotions firm, shortly before the trial was due to begin in May, according to the New York Post.

Commenting on the latest manoeuvre, legal reps for 50 Cent said the bankruptcy filing “allows Mr Jackson to reorganise his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests. [It will also allow him to] continue his involvement with various business interests and continue his work as an entertainer”.