50 Cent Files for Bankruptcy

SOURCE: XXL

After being forced to pay $5 million for leaking Rick Ross’ baby mama’s sex tape, 50 has found himself, yet again, on the wrong side of things financially. Multiple reports have confirmed that Curtis “50 Cent” Jackson has filed for Chapter 11 Bankruptcy protection. Now, before you assume that he’s broke, let’s explain exactly what that means.

Yeah, 50 isn’t in good shape, but Chapter 11 doesn’t signify the end of everything. Chapter 7, which most people think of when they hear the word “bankruptcy” (including myself when I first saw 50’s headlines across the Internet) stops all business operations, liquidates assets, and distributes the proceeds to creditors. Chapter 11, which 50 filed for, allows the individual or corporation to remain control of all of their assets while under supervision of the court.

So, how did he end up bankrupt? Apparently the Queens native has $10-$50 million in assets and debts. Although this is far from good news for 50, his recent deals with Effen Vodka and Men’s underwear line Frigo should keep him afloat until he settles his debts.

Check out 50 in his upcoming, Jake Gyllenhaal co-starred film, Southpaw, which is due out later this month, as well as his upcoming album Street King Immortal, which is set to drop by the end of the year.

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