Rapper 50 Cent Files for Bankruptcy - But Does Not Mean He's Broke

50 Cent arrives at the Billboard Music Awards  Associated Press

Curtis James Jackson III, better known as 50 Cent, is down for the count after losing a multi-million dollar lawsuit ... he's just declared bankruptcy.

According to TMZ... "50 Cent filed for bankruptcy on Monday, 3 days after Rick Ross' baby mama won a $5 million jury verdict against him."

50 Cent is in a world of financial crisis right now. A jury awarded Lavonia Leviston the $5 mil after determining that the rapper intentionally leaked a sex tape in which she was featured, in order to embarrass Rick Ross.

50 Cent has been ordered to produce proof of income and worth so the jury can determine punitive damages.

According to the bankruptcy filing — a story first reported by Page 6 — 50 says his assets are valued between $10 and $50 million but his liabilities are also between the same range.

On top of that, 50 Cent lost a court case in which a jury socked him with a $17.2 million judgment over ripping off a headphones design.

It's a breathtaking fall .. in May, Forbes estimated 50's net worth at $155 million.

Although People tend to think that when anyone in the entertainment world files for bankruptcy that they have no money. That’s not the case.


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Here is a Chapter 11 bankruptcy protection in a general sentiment?

In a general sentiment, you usually file a Chapter 11 when your assets are worth more than a certain amount. In this case, 50 would not have been eligible for Chapter 7 or 13 because his debt is more than $390,000 in unsecured debt. He would automatically need to do Chapter 11, and here’s where the protection comes in—so you’ve got debt and a lot of times it’s looked upon negatively, but there can be multiple reasons. One could be, "I’ve got more debt right now than I have income coming in, can we work together a plan of protection to restructure?" Now the protection comes in because once it’s filed there’s a mainstay where typically 90 to 120 days or somewhere there abouts, you’re putting together and formulating a plan of how you’re going to pay back your creditors. The majority is personal credit, not business. That could be one reason.

So to 50 cent all this means: "I will not paying nobody right now because I don't want to? Not because i dont have money...!! Its just a stategy to doge paying Rick Ross baby Mama