50 Cent Proposes $23M Bankruptcy Plan

by San Antonio Attorney

Fifty Cent, born Curtis Jackson III, will pay his creditors a lot of money but it may take some time.

The insolvent American rapper reportedly proposed a plan submitted by his attorneys on April 12 to resolve his bankruptcy case by paying out $23 million within the duration of 5 years.

He plans to give in small portions the largest sum of money to Sleek Audio, amounting to $17.3 million, according to reports.  In addition, he allegedly promised to pay $4.9 million to Sun Trust Bank and to sell some of his assets to pay his huge debt.

The plan he is proposing would cost him about $400,000 every month.

In the meantime, Lastonia Leviston, the woman who sued 50 Cent for posting her sex tape on the Internet, agreed to a $6 million settlement in March.

The “In Da Club” star sought for bankruptcy protection in July 2014 after a Manhattan jury ordered 50 Cent to pay $7 million to Leviston — who was in a relationship with Rick Ross.

The payment plan must still be approved by a bankruptcy judge.

In April, there were pictures of him partying at a strip club in L.A. where he allegedly blew $5,000.

The famous artist has received a lot of attention for showing piles of cold cash on his social media account again and again.

He was recently asked by a bankruptcy judge to explain the bundles of money he was showing off, to which said were fake and just a part of his marketing plot.

50 Cent has already sold his mansion in Farmington, Connecticut for $8 million, according to reports.  He had listed the property, which was once owned by Mike Tyson, in 2007 for over $18 million but found it difficult to sell the house.

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