In case you hadn’t heard yet, rapper 50 Cent has filed for bankruptcy in a Connecticut court. While the Internet has been making punchlines for the last few days since the news broke, most people don’t seem to know the details of the case.
50 Cent, whose real name is Curtis Jackson III, filed for Chapter 11 protection immediately after losing an invasion of privacy case last Friday. He had posted a sex tape on his site with his own audio commentary, and was ordered to pay $5 million in damages.
According to court documents, Jackson reported around $10 million in assets and $50 million in debts. He has been included on the yearly lists of the top five wealthiest rappers for the last several years. In 2007, he made approximately $100 million when Coca-Cola bought Vitamin Water (in which he had a minority stake), and reportedly signed a deal with an underwear brand for $78 million in 2014.
In 2014, 50 Cent’s net worth was estimated at around $155 million. Most experts agree that he filed bankruptcy to delay any further punitive damages from his loss in court last Friday. While he was ordered to pay $5 million in damages immediately, he was also asked to release his financial records so the court could decide on additional amount of punitive damages.
Bankruptcy isn’t just for celebrities – thousands of people in the north Texas area file for bankruptcy every year. Bad things can happen to good people… A lost job or sudden medical emergency can send your debt spiraling out of control. Call us at 214-760-7777 to schedule a free consultation with one of our attorneys. We’ll take a look at your financial picture and walk you through your options, and then help you get the fresh start that you deserve.