Rapper 50 Cent Files for Chapter 11 Bankruptcy

by San Antonio Attorney

Curtis James Jackson III, the rap artist better known as 50 Cent, sought for bankruptcy protection bankruptcy on July 13.

Based on court papers filed, Jackson’s total assets are between $10 million to $50 million. He stated total liabilities in the equivalent range.

The Chapter 11 bankruptcy filing was carried out just a few days after Jackson was ordered by a Manhattan jury to pay damages of $5 million to a woman who sued him over a sex tape that was uploaded in the Internet without her authorization.

Filing for personal bankruptcy protection allows Jackson to still be involved with a variety of business interests and keep on working as an entertainer, while he performs an organized restructuring of his finances.

The artist’s bankruptcy filing was unexpected by many since Jackson is known for his clever business ventures and his is ranked as one of wealthiest hip-hop artists. According to Forbes, his worth is $155 million.

Jackson’s stake in VitaminWater earned him approximately $100 million when Coca-Cola acquired the beverage brand 8 years ago.

In 2011, Jackson launched SMS Audio, a STREET line of headphones, after a falling out with Dr. Dre’s company that sells headphones. When Jackson came out on home shopping channel QVC, his company sold over $175,000 worth of headphones in less than 10 minutes.

Just last year, Jackson signed a $78 million deal to promote FRIGO revolutionary underwear.

In the case of 50 Cent, his bankruptcy does not necessarily mean that he does not have money. Chapter 11 is the remedy for celebrities with debt problems. Filing for Chapter 11 could simply mean that he does not have a positive cash flow.

Jackson’s bankruptcy also meant that he won’t have to pay right away the $5 million in damages over a sex tape case.

People who file for Chapter 11 are certainly not short of money. You do not have to be broke to seek Bankruptcy Help.

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