50 Cent Files For Chapter 11 Bankruptcy, Legal Counsel Issues Statement
50 Cent has reportedly filed for chapter 11 bankruptcy. In court documents filed in the U.S. Bankruptcy Court in Hartford, Conn. on Monday (July 13), the rapper/mogul lists a debt between the range of $10 million and $50 million, according to The Washington Post. It also indicates that Fif has between one and 49 debtors.
50’s finances have made headlines in recent months on numerous occasions. Back in December, the G-Unit general boasted a $78 million deal with popular men’s underwear brand, Frigo Revolution Wear. In May, Forbes named him one of the five wealthiest men in hip-hop, estimating his worth at a cool $150 million. Later that month, 50’s SMS Promotions boxing company also filed for chapter 11 bankruptcy, citing that it incurred between $100K and $500K in debt. Most recently, the rapper’s wallet took a sizeable hit, with a court ordering him to pay $5 million to Rick Ross’ child’s mother, Lastonia Leviston, for a 2009 sex tape leak.
50’s reps are expected to share more details regarding the bankruptcy, Billboard reports.
UPDATE: 50 Cent’s legal counsel have released a statement regarding the filing. Read below:
Hartford, CT…July 13, 2015 – Attorneys for Curtis Jackson, a/k/a 50 Cent, today announced that their client has filed for relief under chapter 11 of the Bankruptcy Code. The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests.
Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case.
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,” says William A. Brewer III, partner at Brewer, Attorneys & Counselors and counsel to Mr. Jackson.