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HIPHOPDX | 50 Cent Files For Bankruptcy; Lawyer Issues Statement
UPDATE: The G-Unit boss’s lawyer releases a statement regarding his filing for chapter 11 bankruptcy protection.
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.