Curtis Jackson, better known as rapper 50 Cent, filed for Chapter 11 bankruptcy protection on Monday. His net worth had been estimated to reach roughly around $155 million in May.
“Chapter 11 allows companies time to re-organize their finances while protecting them from creditors' demands. "Mr Jackson's business interests will continue unaffected in the ordinary course during the pendency of the Chapter 11 case,'' stated rapper’s attorney. It then added: "This filing for personal bankruptcy protection permits Mr Jackson to continue his involvement with various business interests and continue his work as an entertainer.”
Documents filed in Connecticut Bankruptcy Court showed Jackson's listed assets and debts to be in the range of $10 million to $50 million. Shortly before, the rapper was ordered by a jury to pay $5 million to Lavonia Leviston, of Pembroke Pines, Florida. She says that 50 Cent intentionally leaked a sex tape between the two. He is almost certain that his rival, rapper Rick Ross, is the one to blame because at the time, Ross and 50 Cent were engaged in a fairly public feud. Leviston said 50 Cent edited the video with his own narration and posted it online without her permission to taunt Ross because he knew that Ross is the father of her child. 50 Cent narrated the 13-minute video as a wig-wearing character named Pimpin’ Curly, and made explicit remarks about Leviston and Ross. She said the fact that it got 4 million viewers made her deeply depressed and suicidal.