50 Cent Reaches Bankruptcy Deal & Celebrates On Instagram
50 Cent’s financial troubles are set to be behind him.
According to The Hartford Courant, a federal bankruptcy court judge in Connecticut approved a plan for the rapper, whose real name is Curtis James Jackson III, to reorganize his finances on Wednesday (July 6.) The Power producer-star will make an initial payment of $7.4 million after accumulating debts of $36 million last year and citing assets of less than $20 million.
Within the provisions of the plan, the G-Unit founder has agreed to pay $6 million to Lastonia Leviston after losing an invasion-of-privacy lawsuit days before he filed for bankruptcy. Creditors are also guaranteed to receive 74 to 92 percent of money owed depending on how quickly 50 Cent makes his payments.
When a judge asked if he understood the requirements of the plan in spite of the possibility of seeking bankruptcy protection in the future, Jackson reportedly replied, “That’s not gonna happen.”
In fact, the rapper took to Instagram to poke some fun at the news. Hopefully, this plan is the beginning of the end of his financial woes.