In the last week or so, 50 Cent has hit two important milestones. First, on July 6, the rapper, actor and mogul at large celebrated his 40th birthday. Then, as absolutely no one strives to do, he was on the wrong side of a $5 million judgment in the case of the missing sex tape, where a woman who’s mother to Rick Ross’ child alleges 50 leaked a video of her having sex with another man. (For those keeping score at home, 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, with reported assets and debts each in the range of $10 million to $50 million. 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.
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.