Piggy Bank Is Empty: 50 Cent Files For Bankruptcy

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50 Cent sues Garvey Schubert Barer

50 Cent has reportedly filed for Chapter 11 bankruptcy protection.

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This is coming after a judge ordered the rapper to pay a woman $5 million for leaking her sextape.

READ: 50 Cent Ordered To Pay Rick Ross’ Baby Mama $5 Million For Her Sextape He Released In 2009

According to the reports the I Get Money rapper filed, 50 reported assets and debts each in the range of $10 million to $50 million.

The New York rapper, who rose to fame after his debut album Get Rich Or Die Trying in 2003has been known to delve into many businesses.

Many of his other interests have included drinks, headphones, clothes and much more, with his 2007 sale of VitaminWater to Coca-Cola reportedly worth millions.

Chapter 11 Bankruptcy allows a debtor to remain in control of his business operations, protecting it from creditors, and is subject to the oversight and jurisdiction of the court.

READ: 50 Cent Mocks Diddy’s Bad Boy Reunion At The 2015 BET Awards

“Mr Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the Chapter 11 case,” 50 Cent’s attorney, William A Brewer III, said in a statement.

He 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.”

Wana

Wana

Quo non Ascendam. Writer. E-mail: wana@360nobs.com

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