Financial Advice

Rapper 50 Cent Files for Federal Bankruptcy

50 Cent Net Worth

Rapper 50 Cent, whose real name is Curtis James Jackson III, might need to come up with a new game plan to “Get Rich or Die Tryin’.”

The rapper/actor/businessman filed for chapter 11 bankruptcy protection on Monday in Hartford, Conn., following a sex tape lawsuit that accuses him of posting a video of rapper Rick Ross’ ex-girlfriend online, reports The Wall Street Journal.

He reported his assets and debts are worth between $10 million and $50 million. And according E! News, which obtained the legal documents, 50 Cent says his debts are mainly consumer debts.

“This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs,” said 50 Cent’s attorney in a statement released Monday.

Rick Ross Feud Causes 50 Cent to Lose Big in Court

The filing comes on the heels of a lost court case, requiring the rapper to shell out millions of dollars. On July 10, 50 Cent was ordered to pay $5 million in restitution to a woman who said he posted a sex tape made by her and her boyfriend online in 2009 without her permission.

Lastonia Leviston claims the rapper acquired the tape from her boyfriend at the time. In the video, 50 Cent allegedly added his own crude comments and taunted his rival Rick Ross, who was not in the video. Leviston is Ross’ ex-girlfriend, and the two have a daughter together.

Leviston claimed she was humiliated when the video surfaced online. “This was something done to me,” she reportedly said. “I didn’t have a choice. I would never, ever do this to myself.”

Related: 5 Stupid Ways Millionaires Like Jordan Belfort Los Their Fortunes

50 Cent’s Net Worth and Financial Troubles

In May, Forbes estimated 50 Cent’s net worth at $155 million. The Grammy winner earned the No. 4 spot on this year’s Forbes Five list, which names the wealthiest hip-hop artists.

Most of his fortune is due to Vitamin Water; he earned $100 million when the brand’s parent company was sold to Coca-Cola in 2007 for $4.1 billion. The rapper also has stakes in a number of other business ventures, including SK Energy, Effen vodka, Frigo underwear and SMS headphones.

But this year has proven to be tough financially for 50 Cent. In addition to filing for personal bankruptcy following the lawsuit, the rapper’s boxing promotions company, SMS Productions, filed for bankruptcy a few months ago, reports Forbes.

The 40-year-old doesn’t seem to be letting his money woes get him down, though. On Sunday — the day before filing for bankruptcy — he posted photos of himself on Instagram partying with famous friends, including Chris Brown. Early Monday, he also posted an ad for a birthday celebration he’s hosting later in the day at a club in West Hollywood.

Photo credit: Everett Collection / Shutterstock.com

This article originally appeared on GOBankingRates.com: Rapper 50 Cent Files for Federal Bankruptcy

This article by Laura Woods first appeared on GoBankingRates.com and was distributed by the Personal Finance Syndication Network.

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