50 Cent’s name might unfortunately reflect the state of his bank account. The rapper, whose real name is Curtis James Jackson III, filed for chapter 11 bankruptcy protection Monday, according to The Wall Street Journal.
Filed in Hartford Connecticut, the court documents indicate the rapper’s assets are in the range of $10 million to $50 million, with his liabilities listed as being in the same range. His debts are marked as “primarily consumer,” which are defined as those “incurred by an individual primarily for a personal, family, or household purpose.” 50 Cent’s lawyers confirmed the filing and explained that by filing under Chapter 11, he’ll be able to reorganize his finances without liquidating his assets.
“Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the Chapter 11 case,” says William A. Brewer III, one of 50 Cent’s lawyers and a partner at Brewer, Attorneys & Counselors, in a statement. He adds that the rapper will be able to continue with his business and music ventures.
50 Cent’s bankruptcy filing comes not long after a jury ordered him to pay $5 million to Lastonia Leviston, a woman who sued him for posting a sex tape she’d made with her boyfriend online without her consent, according to the Associated Press. The verdict came on Friday, July 10, though the video was posted in 2009. Made in 2008, it was apparently uploaded as part of an ongoing feud between 50 Cent and another rapper, Rick Ross. While Ross wasn’t in the video himself, Leviston got caught in the crossfire as the mother of his child. 50 Cent got the sex tape from the Leviston’s boyfriend at the time, and he donned a wig and added narration as “Pimpin’ Curly.”
Get Rich or Die Trying has been 50 Cent’s motto, so this marks a definite step back for the rapper.