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I heard the news,i read the documents,but i still can't believe my eyes or ears! I never saw that coming! 50cent files for bankruptcy?? What did he do with all that money? I guess that's what happens when you spend and spend and stop making money in return.I still will not believe this story till i hear it from the lips of 50cent himself.
Some will say this filing ,came at the convenient time after 50cent was asked to pay $5m to Rick Ross' girlfriend Lavonia Leviston in a lawsuit only last week.
It was $2.5 million for using Lavonia Leviston’s image without her permission, another $2.5 million
for emotional distress.) In the wake of that, The Wall Street Journal reports today (July 13) that 50 has filed for bankruptcy in Connecticut. A little over two months ago, Forbes estimated 50′s net worth at $155 million. Read the court documents in their entirety here. XXL has reached out to 50′s camp for comment; at press time, they had not responded. In recent months, the rapper, real name Curtis Jackson has signed deals with Effen Vodka and with Frigo, a line of luxury men’s underwear.
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Chapter 11 bankruptcy is not a death sentence. In Chapter 7 bankruptcy, a business halts operations, liquidates all its assets, and distributes the proceeds to its creditors. Under 11, the corporation or individual can remain in control of their businesses and assets, under the supervision of the court. Debtors benefit from an automatic stay on collection attempts and litigation against them. A handful of high-profile celebrities have been through the same process–notably Mike Tyson, from whom 50 bought his long-time Connecticut home. 50 co-stars in Southpaw, the Jake Gyllenhaal boxing vehicle due out later this month, as a sleazy promoter. He has repeatedly said that his sixth studio album, Street King Immortal, will be out before the end of 2015.
I refuse to believe 50cent is broke,he can't be.I am sure this is some kind of business or financial maneuvering going on.I guess 50cent next album will now be called,Get rich again or die trying!
xxlmagazine.com contributed to this report.