50 Cent talks bankruptcy: It’s no big deal
50 Cent has brushed off his recent bankruptcy filing, claiming he is simply taking “precautions”.
Fortunes turned against the 40-year-old rapper last week after a court ordered he pay $5 million to Lavonia Leviston for emotional distress after he published a sex tape of her on YouTube.
50 Cent, real name Curtis Jackson, filed for bankruptcy the Monday after the verdict was declared and he is not concerned about his insolvency.
"I'm taking the precautions that any other good businessperson would take in this situation," he told E! News. "You know when you're successful and stuff, you become a target. I don't wanna be a bulls eye. I don't want anybody to pick me as the guy that they just come to with astronomical claims and go through all that."
In May, Forbes magazine cited the star as having a net worth of $155 million, but the Connecticut Chapter 11 bankruptcy filing he submitted to the courts on Monday paint a very different picture.
The legal papers claim he has $10 to $50 million in assets and $10 to $50 million in liabilities, which puts his creditors at between one and 49.
But even though bankruptcy would terrify many people, the Window Shopper rapper claims he believes the decision is wise.
"Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy," 50 Cent continued. "It means you're reorganising your finances, but it does stop things from moving forward that you don't want moving forward.
"I gotta decent legal team. You don't have to worry."
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