Curtis Jackson, a.k.a. 50 Cent, owes millions and millions to a lot of people. In fact, he’s so deep in debts that he may be bankrupt!
According to TMZ and Inquisitr – two of the biggest celebrity-orientated news agencies, 50 Cent has filed for bankruptcy. The 40 year old rapper is one of the biggest names in the music industry nowadays, but that doesn’t mean that he’s invincible. In fact, he’s the target of numerous law suits and fraudsters.
Reports show that Jackson has filed for Chapter 11 Bankruptcy, even though his net worth has been estimated as nearly $155 million. So, what’s going on with 50 Cent’s money? For starters, the rapper owes his grandfather more than $1.7 million. His debts towards American Express and Bentley are $50,000 and $100,000 in respective order. He was also ordered to pay $5 million to rapper Rick Ross’ mom after Jackson lost the infamous lawsuit regarding an illegally distributed and rather unflattering homemade tape involving Ross’ mother. And that’s just a small portion of all the money 50 Cent owes to a variety of people and companies.
Since his debts have recently become gigantic, the 40 year old rapper has decided to file for bankruptcy and wait for his creditors and the rest of his team to clean up his messes. According to Chapter 11 Bankruptcy, he has the power to decide where his money will go, how much of his money he’s actually able to give away and how he will settle with the people he owes money to. 50 Cent himself stated that he has a “bull’s eye painted on his back” because of the success he has earned over the years, meaning tons of people are ready to frame him and target his millions. In other words, he isn’t really bankrupt – he has just filed the paperwork as a sort of protection.