On Monday, 50 Cent filed for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Hartford, Conn. The “Get Rich Or Die Tryin” rapper revealed his personal debts in a federal Bankruptcy Court filing Thursday night.
Fif owes a total of $28,478,920.75, according to court docs obtained by New York Daily News.
According to TMZ, Fif owes $137,880 to Bentley, $64,909 to American Express, $1,737 to his grandfather and a total of $23 million from two separate lawsuits.
Fif was recently ordered to pay the mother of Rick Ross’ child, Lastonia Leviston, $5 million for leaking her sex tape, according to the Associated Press. Leviston expects to receive more in punitive damages.
In 2014, 50 lost a huge million-dollar lawsuit to Sleek Audio after he was accused of stealing designs. The judgment is now worth $18,428,257, according to NY Daily News.
Fif owes more than a $1 million in legal bills. Court docs state Fif’s personal assets don’t exceed $15 million.
50 Cent spoke on his bankruptcy filing while promoting his new film “Southpaw.”
“A lot of people, I don’t expect them to understand strategic business moves. I’m a target,” Fif said. “…I’m not going to allow myself to fall a part based on little things.”
“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,” William A. Brewer III, partner at Brewer, Attorneys & Counselors, and counsel to Mr. Jackson, told Billboard. “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.”
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50 Cent Is $28 Million In Debt
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