50 Cent Has Just Filed For Bankruptcy

NEW YORK - OCTOBER 18:  50 Cent performs at the launch party for the new MOTOACTV and DROID RAZR by Motorola at SIR Stage 37 on October 18, 2011 in New York City.  (Photo by Stephen Lovekin/Getty Images for Motorola)

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Could the cool $5 million 50 Cent owes Lastonia Leviston, as ordered in last week’s sex tape verdict, be just enough to push the rapper into even more excessive debt? Well, it looks like it has because the 40 year old artist has officially obtained a petition for bankruptcy.

As reported by the Wall Street Journal, the ‘I Ain’t Gonna Lie’ rapper filed for Chapter 11 bankruptcy protection today (July 13).

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“In court papers filed in the US Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million.”

Originally scheduled to “testify about his finances” today, the courtroom lit up with news from the rapper’s lawyers pushing bankruptcy for the first time, masking what was initially intended to be discussed.

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As of right now, the rapper’s legal counsel has presented the public with this statement:

Hartford, CT…July 13, 2015 – Attorneys for Curtis Jackson, a/k/a 50 Cent, today announced that their client has filed for relief under chapter 11 of the Bankruptcy Code. The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests.

Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case.

“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,” says William A. Brewer III, partner at Brewer, Attorneys & Counselors and counsel to Mr. Jackson.”