Times have changed for Curtis James Jackson III, or as he is better known in the rapping world, “50 Cent.” The once popular mega-star has filed for chapter 11 bankruptcy protection in local courts. The procedure was initiated by Jackson on Monday morning but no statement has been released by Jackson’s attorney at this time.
The papers were filed in a local U.S. Bankruptcy Court in Hartford, Connecticut, the state that Mr. Jackson calls home. According to paperwork submitted today, Jackson estimated assets and debts in range of $10 million to $50 million with up to 49 creditors.
Founder of G-Unit Records, the founder of G-Unit Films, a grammy winner and the cofounder of the G-Unit Clothing Company, Jackson has never seemed to have any issues with money in the past.
In-fact, it was back in 2014 that Forbes named 50 Cent as one of the top-five wealthiest artists in hip-hop, stating a net-worth of around $140 million.
The timing of Jackson’s filings is a little suspicious, it was just a few days ago that Jackson was ordered to pay $5 million to a woman who accused Jackson of publishing a sex-tape that she had made without her permission.
The chapter 11 filings may be to secure Jackson’s personal estate as he shutters some of his smaller businesses but his attorney has not made a statement on the matter.