50 Cent Resolves Bankruptcy Filing?

by San Antonio Attorney

50 Cent’s financial ordeals are coming to an end as he reaches a settlement to resolve his bankruptcy case, according to reports.  A bankruptcy judge reportedly approved a five-year repayment plan that will require 50 Cent to give $23 million to his creditors.

The amount is the total of 74% to 92% of what he actually owes to his creditors.  The settlement deal also involves an upfront payment of $7.4 million plus $2 million every year within five years.

His creditors include Lastonia Leviston and Sleek Audio.  The “Get Rich or Die Trying” rapper was ordered by a jury to pay $5 million to Leviston as compensation for posting her sex tape on his personal website.  Leviston’s lawyer claimed that the sext tape was used by Fifty to increase traffic to his website and benefit his own business.

The bankruptcy plan being proposed by Fifty’s team was initially submitted to the judge last April.  His bankruptcy attorney confirmed that the bankruptcy judge has approved his reorganization plan.  It has been less than one year since he filed for Chapter 11 bankruptcy.

News about the financial troubles of 50 Cent, whose real name is Curtis Jackson, started in July 2015 when he filed for bankruptcy protection.  Later on, the rapper used his Instagram account to comment about his bankruptcy and he generated controversy when he flaunted piles of cash.  He was ordered by a judge to explain the bundles of money he flashed on his social media account.

According to Forbes, the estimated net worth of 50 Cent is $140 million.

A bankruptcy case filed under Chapter 11 is often called a “reorganization” bankruptcy.  This type of bankruptcy is normally used by big companies to restructure debts, but individuals can also use it.

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