50 Cent
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.
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.
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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.
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.
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