14/07/2015 10:38
Rapper Cent files for bankruptcy
Curtis Jackson, better known as rapper 50 Cent, filed for Chapter 11 bankruptcy protection on Monday.
"In court papers filed in the US Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million," The Wall Street Journal reported, according to Business Insider.
The filing comes just three days after the "Get Rich or Die Tryin'" rapper was ordered to pay $5 million to his rival Rick Ross' ex-girlfriend, Lastonia Leviston, who sued him for posting a sex tape online to millions of viewers in an attempt to embarrass Ross.
The Hollywood Reporter points out that "The chapter 11 filing allows him to reorganize his business interests, as opposed to a chapter 7 bankruptcy filing, which would mean liquidation of his assets."