50 Cent’s lawyer has released a statement regarding his filing for bankruptcy. 50 Cent’s given name is Curtis Jackson.
“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,” says William A. Brewer III, partner at Brewer, Attorneys & Counselors, and counsel to Mr. Jackson, in a statement per Billboard.
“Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case,” the statement continues. “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”
(The original coverage of this story was published today [July 13] and is as follows.)
50 Cent filed for chapter 11 bankruptcy protection today (July 13), according to The Wall Street Journal.
The G-Unit rapper reported that both his assets and debts are in the range of $10 to $50 million.
50 Cent filed papers in the U.S. Bankruptcy Court in Hartford, Connecticut.
Chapter 11 bankruptcy is typically referred to as a “reorganization” bankruptcy, according to the United States Courts’ website. “This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership,” the site says. “A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.”
On Friday (July 10), 50 Cent was ordered to pay $5 million to Lastonia Leviston for posting a sex tape of her. Leviston has a daughter with Rick Ross, with whom 50 Cent has a rivalry.
50 Cent appears in the forthcoming film Southpaw, which is due July 24. The second season of Power, the Starz network program in which he stars and executive produces, is airing.
For additional 50 Cent coverage, watch the following DX Daily:
Wait..what?
Filing for bankruptcy means u rich in Africa! U damn ass Americans know nothing!
LMFAOOOOOOO KARMA IS A MOTHERFUCKER CURTIS. REMEMBER WHEN YOU RUBBED YOUR MONEY IN EVERYONES FACE AND DISSED EVERYONE FOR NOT SELLING RECORDS? NOW LOOK AT YOU CURTIS. CURTISSSSSSSSSS. HAHA NOW YOU BROKE JUST LIKE THE REST OF US.
How fucking stupid are you? Filing bankruptcy doesn’t mean you’re broke. Donald Trump filed many times. It’s just a way to get rid of all your debts like credit. It’s how you protect your assets. But you’re obviously poor and uneducated so you wouldn’t know anything about that
lol @ this broke white boy, eminem dick licker making excuses for Curtis. 50 Cent is broke, and they’re mad.
Y’all have ABSOLUTELY NO CLUE of what bankruptcy is. Donald Trump constantly files for bankruptcy on his companies. It’s simply done to protect your assets. White people created bankruptcy to protect there money. The misconception of filing is why many black people lose everything they have because they are too prideful to use bankruptcy like the rich always do! Learn about money before you talk about REAL money,
Smart move 50, now he doesn’t have to pay all the people that won lawsuits against him. Checkmate!
Damn homie…when I was in high school you was the man homie…what the fuck happened to you! LMFAO
If you really think this dude is broke, then you have no brains. 50 cent is a don.
They don’t know
50 Stans… Worst in the game. Dons declare bankruptcy now? lol. 50 Stans….
Hes Saving his money… But This might be a bad move… Financially at the present time its smart… But 50 trying to release another CD SKI < the 5 year wait… He's going at puffy and Ciroc (puffy Juice) This bankruptcy is going to End his Music career and iconism… Now he cant even go at Puffy (which was his main marketing stunt before the release of SKI) … Now Puffy can come out making fun of 50…. "50, that lifetime supply of Ciroc… You gonna have to sell them bottles now" Puffy LMAOO
Forbes lied to you all. They had you thinking this dude was worth hundreds of millions but how is that possible when your albums don’t sell, your books don’t sell, his straight to dvd movies don’t sell, his boxing company failed and is bankrupt, his headphones don’t sell, he was sued for 16 Million and now 5 Million, he’s paying his baby mother child support and living expenses, he’s paying for his older kids expenses, and on top of that he has to run his label and team of artists with no major support. HE IS FUCKING BROKE. Stop trying to spin this into a strategic move on his part, he’s poor.
You the type that believes everything you’re told. You still probably believe that the FED is not a private corp, and that the people running the world have your good interests at heart.. Smh
Financially, 50 is Cool. No he more than cool. He is worth much more than what Forbes say he is.. But that’s another story.
He only pulling the BANKRUPTCY MOVE to avoid paying ROSS BABY MAMA
oh good power returns august 1st!!! really dx!!! the show has been back since the beginning of june!!! not to mention the 4-5 articles you posted about it when it came back! ARE YOU GUYS REALLY THIS BAD??? if anyone has suggestions for another hip hop site please feel free to reply……
50 Cent has too much ego to file for bankruptcy if he doesnt have to. The only reason he would do this is if he had no choice. He knows something like this would hurt his brand. I think he really is broke. lol
I’m thinking along the same lines. I know Chapter 11 doesn’t mean he has no money, but 50 plays the game where image is everything. A big part of his demographic is just going to assume he’s broke, in a game where the “winners floss” and he knows that’s not good.
No.. it’s a chess move. He was just ordered to pay 5 mill to Ross Baby Mommy… so he files chapter 11 and she won’t get a dime.
@The God That is EXACTLY why he just did what he did…. he ain’t dumb, and neither are his team of lawyers, lol.
is this real life?
Wish all the dummies would learn about Chapter 11 bankruptcy, but all they see is “bankrupt” and they laugh at 50. But you know what they say, you can lead a horse to a river but you can’t make it drink.
Foku Me is the best rapper alive.
He’s a str8t up baller, he’s a don, put off n shut up bitch
Chapter 11 Bankruptcy doesn’t mean dude is broke. It means he’s reorganizing his debt so that he can pay it off over a specific time. For reference, Donald Trump has filed bankruptcy four times.
50 is a fool. But he’s not broke.
duh
50 = debtor in possession. He’s a debtor. Man, wish he’d been cooler to young buck and others. He just seems to dam mean-spirited to like.
I dont care when 50 makes money only when he looses money lol 50 lost
This dumb ass has so much to say about everyone else but his broke ass files for bankruptcy.
If he is broke what does that make you. This man is worth millions. I always find it funny how people try to throw shade on people’s supposed downfall but their situation is worse than the person they are trying to clown. Filing chapter 11 with his company is not the same as filing chapter 11 as an individual. His personal debt is protected because his business is registered as a corporation. Learn the game before you speak, you sound foolish
This man went from being the biggest thing in Hip Hop with the bank account to match, to being the biggest joke. Clowing Diddy and Ross for what??? How you feeling now Shiddy Sense. Karma’s a cunt amd it looks like she did you raw, NO VASALINE!!!!
I dont know what you heard about me but a bitch cant get a dollar out of me.
Some of you are celebrating like filing for Chapter 11 bankruptcy is some walk in the park. He still owes the debt AND his creditors must agree to terms. He is not absolved from having to pay his debt! If his creditors don’t agree and 50 cent is unable to pay, he may then need to file under Chapter 7. 50 Cent should emerge ok from Chapter 11 but It is definitely not a good look for him.
this thread is for a bunch of losers who know zero about finances to talk like they know and won some victory because it’s 50 Cent. trump has filed more than 3x and he’s on a podium for prez of the us. end of the day many of y’all are nothing but confused, programmed weirdos.
you all are fools if you think 50 is actually broke. He’s probably filing Chapter 11 for SMS Audio, one of his companies. SMH
A lot of you are talking shit about him being broke and filing for bankruptcy but most of you don’t even know the first thing about filing for bankruptcy or what any of this means. You all are just happy to see the word bankruptcy associated with 50 and think that it means he is completely broke.
Ummm yes he will have to pay you dumb fucks, they will off his stuff Like they did young buck
50stans stop crying already Lil bitches
Looks like Fiddy lost. I told y’all we winnin!
Ignorance is bliss, and all you broke ass nobodies are commenting on shit you know nothing about… Chapter 11 is what RICH people do, you broke ass kids sitting in Mommy’s house wouldn’t know anything about it, because you do not take the time to educate yourselves…. 50 is doing what many have already done to FREEZE interest rates, and more than likely cut interest rates… Dude is far from broke, and even if we wanted to PRETEND he was, he could go tour the world and make a quick 50 Million….
There is no rich person filing for bankruptcy, unless their assets have been severely mismanaged.
Perhaps you need to be educated first
@SP, Donald Trump files every year
niqqa wat are you talking bout? this is what people filing when they are not able pay your debt so your interest will not change that mean you broke and that you can not pay you credits in time, wesley snipes did the same as many other people that had difficulties to pay their debts. thats doesnt protect you from what you owe.. and lol at that 50 million tour… rihana aint making those neither eminem so lol
Told yall that rozay ended 50s career.
Yeah I made dat nigga cry!!!
The only career Ross ended was his own.
Man ja rule destroyed this fool,told yall!!!!!
Aleast wen you Google ja rule snitch and bankrupt don’t come up..50 wtf u fell of big time
Get rich or go broke tryin
Nice move fif ,You ignorant fuckers will never understand . This nigga is more than $100 mill ,he is doing this becous he don’t want to pay rozay baby . . . Donald trump did this too . .
this is so crazy how people believe that chapter 11
DEFINITION OF ‘CHAPTER 11’
Named after the U.S. bankruptcy code 11, Chapter 11 is a form of bankruptcy that involves a reorganization of a debtor’s business affairs and assets. It is generally filed by corporations which require time to restructure their debts.
Chapter 11 gives the debtor a fresh start, subject to the debtor’s fulfillment of its obligations under its plan of reorganization.
INVESTOPEDIA EXPLAINS ‘CHAPTER 11’
A Chapter 11 reorganization is the most complex of all bankruptcy cases and generally the most expensive. It should be considered only after careful analysis and exploration of all other alternatives.
so now yes 50 owes mad money and this is not protecting you from paying people that are suing you, but from your creditors like the fund for cheetah vision, sms promo, and sk energy drink and sleek. so yes 50 is broke cause you cant files bankruptcy if your business assets are good,
bankruptcy doesn’t mean he broke. a broke person can’t afford to go bankrupt. but it will give his enemies something to laugh about. 50 need to learn from this and stop doin all that petty shit he be doin
Donald Trump has done bankruptcy several times. Dude still super rich.
Nigga broke,people file for bankruptcy to protect their assets,in 50 case nigga got millions bt he prolly owes more than he got so to prevent people snatching his assets he files up for bankruptcy
…Naaaah!!!…NEVER Does he Owe more than he has!…Just Playin’ the game!!!……
Damm that bitch fucked his swagga up sonnG-UNOT..
Did you 50 Cent dick riders not read the article? 50 is worth something between 10 mill and 50 mill in assets and owes that amount of money as well. This means he’s broke and would lose everything if he actually paid his debts, hence the reason he filed for bankruptcy. He filed in an attempt to recover from this but he’s still broke, stop trying to spin this story in his favor.
Actually did you read the article. His corporation and partnerships are in the range of 10-50 million, that is not the same as his personal wealth. Businesses do this all the time. Trump has filed chapter 11 5 times with various businesses he owns and he is worth billions. You have no clue how filing Bankruptcy with your business is not the same as filing as an individual. I’m not a 50 fan so you can claim that I’m riding ish. These are just facts.
Donald Trump has never claimed bankrupcty, only the “companies” he tried to start have.
Lol 50 is worth 150 Mill plus and yall idiots really think he is broke?…smh
And how do you know?? You’re just a sheep
so u think he really blew all that money in 12 months? wow yea you are a genius
pimpin curly is crying now.. hahahah.. i wonder if fifty the nerd still thinks it was funny being pimpin curly.. 10 years later it bit him in the ass hahahah
how many times has Curtis signed in under pseudonyms saying the same thing –> bankruptcy is a smart move (Thesis), evidence (Donald Trump did it), conclusion (we’re all dumb).
actually some of us are educated.
chapter 11 = 50 = debtor in possession. he’s a debtor. in possession.
hey, has Floyd ever done this? 50 laughed about illiteracy, so i’m guessing 50 is way smarter than Floyd, so Floyd must’ve filed for bankruptcy like 4 times, right?
lmao I know right? It’s definitely the same dude posting that comment over and over, I keep seeing it on all the articles about this. This dude (Curtis or whomever it may be) is fucking delusional to try and normalize bankruptcy. “ALL THE RICH PEOPLE DO IT! IT’S ALL THE RAGE!” I can’t stop laughing.
So this fool aint worth 150mil? loool, I always knew there was a reason this dude was always mad at Mayweather, HOV and Diddy.
Booboo Jackson was only worth 50mill, I guess money aint a thing when you are handed 17mill and 5mill in damages against people. Broke ass mutherfucker…I thought this fool said he made 50mill off gay-men underwear last year? where is the money Curtis?…CUUUURRRTISSSS!!!
MMG stay winning…Meek be tha Nig-guh
I always knew he wasn’t worth 150 Million. Forbes is full of shit, they just guess people’s worth by how much they see them in the news or whatever. 150 Million makes no sense when you think about all the business failures he’s had. I think he was actually worth around 15 Million, but he told them 10-50 Million so he wouldn’t look as bad.
come on yall fucking young boys , know nothing about grown man shit. Most of his Net worth is added up to basically how many Bills he has and how much business he owns. He pays to run all his business, he pays for all his homes, cars, etc. He owns more shit then you can count on your hand. He pays for mad shit, Filling for bankruptcy is a safe way 2 Dodge all your payments, While you make money to pay them off. I see rich white folk do it all the time, They can pay what they owe but they father file for bankruptcy so they can still live there lifestyle. 50 cent farrrrrr from broke.
Not just mayweather he’s mad at everybody who’s tryna be happy, and for no reason, but right now i see the reason, when you choose cheap publicity by dissing others , i thought it was wisdom, but the truth is that it’s cuz he couldn’t afford to pay for any promotion
Idiots thinking 50 actually bank rupt lol
dawg if u are waiting for 50 to say he doesn’t have even 1k dollars then it will never happen , so when we say he’s broke it’s because he can’t live like he used to and he’s not getting much money any longer
Hes def not broke but ithink Cheetah vision is messibg him up. He had a lot of investors and he needs to repy them. He wqs supposed to produce and direct a lot of movies but he didn’t. He should really focus on movies again, his tv show is doing great
Let me explain this clearly, 50 Cent’s debts outweigh his assets, meaning that in a sense he is in fact broke. He might have a Bentley, but he owes gigantic payments on it and is unable to make those payments. This is common, particularly amongst rappers and those who look up to rappers. Their business and investments are never that solid and this irrational need to flaunt wealth results in massive debt. Being a rich entertainer with temporary and varying income is not the same as being consistently wealthy. When you make that mistake, you end up owing more than you bring in, like 50 Cent and countless other entertainers and athletes. The moral of the story is that black people stay losing even if it looks like they are winning.
lol..”money controls blacks, white man controls money”…
Wow, some people here defending Chapter 11 like it’s something all business people do. I can tell you don’t know what you’re talking about. He has high assets, but high debt. He could defer payments he can’t pay now, that’s not an issue. But he’d have to put income into profitable endeavors…this is the problem, he’s losing money faster than making money!
I highly doubt that Drake and OVOSound will ever owe creditors 10’s of millions, without having 100’s of millions coming in. Maybe 50 needs to take business classes like Swizz. Drake and Noah “40” Shebib’s business skills are unparalleled. OVOXO 4 ever!
Both his asserts and debts are in the range of 10 – 50 million damn 50 u’ve been insulting everbody that they are broke when u where just gonna join the party, no wonder he keeps dropping those 5 tracks EPs just to try and make a little money and lick his wounds , it’s really tough out there
finally he lived up to his name. now he literally worth 50 cent
I bet ja rule is laughing his ass off
Check out ja rules new credit cards
The dudes pulling a typical rich man scam. Yes he is rich and yes he is in debt. He is not earning enough to pay back the debt so he is technically bankrupt. HOWEVER this filing for bankruptcy allows him to stop the debt collectors taking money from him, allowing him to continue running business and get enough money to pay them back. White people do it all the time. But lol he should have never been in this position.
I call BS on this.
50 had the money he would pay it. Cahpter 11 doesnt mean he wont have to pay it, it means it is delayed.
This is not a swindle, he is not a ‘great business man,’ it simply means he doesnt have the cash and he’s fearing having to go through the embarrasment of selling his assets.
Also, because he has filed for chapter 11, doesnt mean it will be accepted. Making in rain in a strip club may not be the smartest idea. The guy is in the process of falling off. He’s made terrible investments and doesnt sell records. Vitamin water and GRODT was a long time ago.
I must be the only person that thinks this dude really is sunk financially. Theres a difference between personal bankruptcy and business bankruptcy, his is personal. Sorry to disappoint you stans but the business men you named haven’t filed personal bankruptcy. Huge difference. Karma is a MF.
I don’t lyk nothing about Illuminati