Celebrity News

50 Cent is Broke: Rapper Files for Bankruptcy
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Rapper 50 Cent, once worth over $100 million, has filed for Chapter 11 bankruptcy.

Summary: Rapper 50 Cent, once worth over $100 million, has filed for Chapter 11 bankruptcy.

According to Fox News, 50 Cent may not even have that much money to his name.

  
What
Where


The rapper, who is legally named Curtis Jackson III, filed for bankruptcy on Monday. In the past, he was worth as much as $150 million, CNBC noted.

Recently, 50 Cent was scheduled to testify in a $5 million sex tape trial. On July 10, after just 70 minutes of deliberation, six jurors found that the rapper, as part of a rivalry with rapper Rick Ross, posted a private sex video that featured the mother of Ross’ children online for millions of viewers to see.

Read about a previous case between 50 Cent and Sleek Audio here.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Lastonia Leviston, the woman in the video, sued 50 Cent in 2010, arguing that the video’s posting nearly caused her to kill herself.



Are you surprised that 50 Cent has filed for bankruptcy?

View Results

Loading ... Loading ...

50 Cent was supposed to provide a net worth statement, as well as his state and federal tax returns for the past five years, on Monday so that the jury could calculate punitive damages in addition to the $5 million award for emotional distress.

Nelly was recently arrested for drug possession.

The Chapter 11 filing says that 50 Cent has $10 to $50 million in assets, and $10 to $40 million in liabilities. Creditors are estimated to be between 1 and 49. According to BBC, Chapter 11 allows companies time to reorganize their finances while remaining protected from creditors.

Diddy recently avoided felony assault and battery charges.

The claim was filed just a few days after the New York Times called him a “Renaissance Man” who enjoys Versace shirts and has “exceptional business instincts.”

50 Cent tried to avoid the trial in May by filing for bankruptcy on behalf of his boxing promotions company. However, a federal judge ruled that the civil case must proceed, and threatened to slap the rapper with sanctions.

Source: Fox News

Photo credit: gossipmagazines.net



 

RELEVANT JOBS

Associate Attorney

USA-FL-Miami

Reiner & Reiner is a full-service general business law firm, specializing in complex business litiga...

Apply now

Staff Attorney

USA-ND-Bismarck

Staff attorney will be primarily responsible to provide civil legal services to families to ensure s...

Apply now

Complex Commercial Litigation Attorney

USA-GA-Atlanta

Fellows LaBriola LLP seeks a Litigation Associate with 1 to 3 years of complex commercial litig...

Apply now

Legal Secretary

USA-PA-Philadelphia

Solo CC attorney seeking legal assistant w/ minimum 10 years exp., experience in estate probate and ...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Liability Defense Attorney

USA-FL-Fort Lauderdale

Ft. Lauderdale office of our client seeks liability defense attorney with 3+ years of insurance defe...

Apply Now

Senior Family Law Associate Attorney

USA-CA-Murrieta

Murrieta office of a BCG Attorney Search Top Ranked Law Firm seeks senior family law associate attor...

Apply Now

Litigation Associate Attorney

USA-CA-San Francisco

San Francisco office of a BCG Attorney Search Top Ranked Law Firm seeks litigation associate attorne...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top