50 Cent Files For Bankruptcy Following Sex Tape Lawsuit

by Olivia Truffaut-WongJuly 13, 2015, 9:51 pmNews, News Feed >

50 Cent, born Curtis Jackson, filed for Chapter 11 bankruptcy on Monday following the court decision ordering him to pay $5 million in a sex tape lawsuit.

50 Cent Files For Bankruptcy

Last week, a jury found that 50 Cent should pay $5 million to Lastonia Leviston, Ric Ross’ ex, who sued 50 claiming he released a sex tape of her online without her consent. While the rapper’s lawyers have disputed the figure, 50 Cent has decided to file for Chapter 11 bankruptcy, which should reportedly stall any lawsuit payments.

So far I hit Miami, Atlantic city, and Vegas I have to hit LA.#EFFENVODKA #FRIGO #SMSAUDIO

A photo posted by 50 Cent (@50cent) on Jul 11, 2015 at 7:49pm PDT

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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,” said 50 Cent’s lawyer William A. Brewer III.

According to court papers, 50 Cent estimated his assets as totaling between $10 and $50 million. 50 Cent rose to fame as a rapper, but has since made millions off of various business ventures, including investing in Vitamin Water.

We rolling got GET LOW playing ft Jeremih, Ti, and 2 chains. #EFFENVODKA #FRIGO #SMSAUDIO

A photo posted by 50 Cent (@50cent) on May 22, 2015 at 12:00pm PDT

50 Cent, who stars in the upcoming film Southpaw, has not commented on his bankruptcy filing. On Sunday, however, he shared a photo on Instagram of himself partying with Chris Brown and other artists. “I can’t remember a year that I had this much fun. Just good energy every where I go,” he captioned the photo.

I can’t remember a year that I had this much fun. Just good energy every were I go. #EFFENVODKA #FRIGO #SMSAUDIO

A photo posted by 50 Cent (@50cent) on Jul 12, 2015 at 8:04pm PDT

Article by Olivia Truffaut-Wong

Olivia Truffaut-Wong was born and raised in Berkeley, California, where she developed her love of all things entertainment. After moving to New York City to earn her degree in Film Studies, she stayed on the East Coast to follow her passion and become an entertainment writer. She lives on a diet of television, movies and food.