Curtis James Jackson III, better known as 50 Cent filed for Chapter 11 Bankruptcy protection today.
The bankruptcy petition has not yet been completed. However, court papers filed in the U. S. Bankruptcy Court in Hartford, Connection (where 50 Cent resides) indicates assets and liabilities in the range of $10 million to $50 million.
Today’s filing comes just days after a jury ordered Jackson to pay $5 million to a woman whose sex tape he posted online without permission. The woman, Lastonia Leviston, has a child with Jackson’s hip-hop rival, Rick Ross.
The 40-year-old rapper was among music’s wealthiest artists, accumulating a fortune of over $150 million thanks to a series of best-selling releases and a shrewd investment in Vitamin Water.
Hope that 50 Cent song “Poor Lil Rich” will not be the story of his life.
50 Cent’s adorable 2-year-old son landed a $700,000 modeling gig in March so he may be able to help out Dad.