50 Cent owes at least $10 million, files for bankruptcy

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Curtis Jackson III, better known as rapper 50 Cent, filed for Chapter 11 bankruptcy protection in Hartford, Connecticut on Monday morning. Connecticut Bankruptcy Court Employee Recounts BlackEnterprise.com that, so far, Jackson has listed two creditors: the IRS and the Connecticut State Department of Revenue.

[Related: 50 Cent’s Two-Year-Old Son Snags $700,000 Modeling Deal]

“He has 14 days to get us detailed petitions so there can be more,” the bankruptcy court worker said in a phone interview. “He can also ask for an extension,” she added.

Jackson said he owed between one and 49 creditors between $10 million and $50 million. 10 and 50 million dollars.

A jury in Manhattan civil court on Friday awarded Latonia Leviston $5 million in damages for violating her civil rights. Jackson lost the lawsuit filed when he released a sex tape involving Leviston in 2009. Punitive damages will be weighed later. this week.

A spokesperson for the law firm that represents Jackson said he filed for bankruptcy “to continue his involvement in various business interests and continue his work as an artist, while pursuing an orderly reorganization of his financial affairs.”

In 2015, Forbes estimated Jackson’s net worth at $155 million, attributing $100 million to the sale of Vitamin Water in 2007. Jackson took action in the company instead of a salary when he helped promote its products.





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