50 Cent files for bankruptcy | EW.com


50 Cent files for bankruptcy

(Dave Kotinsky/Getty Images)

Rapper 50 Cent filed for Chapter 11 bankruptcy on Monday, according to documents filed in Connecticut Bankruptcy Court. The courthouse confirmed to EW that 50 Cent, whose given name is Curtis James Jackson III, reported assets and debts each between $10 million and $50 million.

“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,” William A. Brewer III, Jackson’s counsel said in a statement.

The Wall Street Journal originally broke the news, which comes just a few days after a jury ruled that Jackson would pay $5 million to a woman who sued him over a sex tape that was posted without her permission, the Associated Press reported.

At one point, Jackson was though to have an estimated net worth of nearly half a billion dollars, thanks to his stake in Vitamin Water. The Washington Post reported that when Coca-Cola bought the company in 2007 Jackson made somewhere between $60 million and $100 million.

This post has been updated to include a statement from 50 Cent’s attorney.