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News: 50 Cent Files For Bankruptcy

According to the Wall Street Journal, 50 Cent has officially filed for Chapter 11 bankruptcy. The petition 50 and his lawyer filed said that his assets and debt were within the $10 million to $50 million range. The file for bankruptcy came just three days after 50 was ordered to pay $5 million to Lastonia Leviston (Rick Ross’ baby momma) for leaking a sex tape of her and her boyfriend.

However this does not mean Fifty is broke as a statement was released:

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 to Billboard. “Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case. 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.

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