50 Cent Files For Chapter 11 Bankruptcy

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50 Cent lost a big lawsuit to Rick Ross’ baby mother Lastonia Leviston on July 10 after a Manhattan jury held that he was guilty of posting a private sex video featuring her online to millions of viewers, thereby causing hurt and almost pushing her to suicide. He was asked to pay $5 million in damages.

But 50 is trying to make sure he doesn’t have to do that. While his lawyers are planning an appeal in the case, 50 was supposed to hand over a net worth statement along with his tax returns for the past 5 years today, July 13 so the jury could calculate the punitive damages in addition to the initial $5 million award for the lady’s emotional distress.

But today, 50 with help of his lawyers filed for chapter 11 bankruptcy protection which lists his assets and debts each in the range of $10 million to $50 million. The number of creditors in the document (you can view it in full here) is listed at between 1 and 49, reports Page Six.

As per Chapter 11 of Title 11 of the United States Bankruptcy Code, this is a form of bankruptcy that involves a reorganization of a debtor’s business affairs and assets. It is generally filed by corporations which require time to restructure their debts. It doesn’t mean that you’re “broke”. It differs from Chapter 7 which stands for filing for liquidation.

This story will be an interesting one to follow.