Rapper “50 Cent,” Curtis Jackson, has recently filed for Chapter 11 bankruptcy in federal court, claiming he’s broke and he owes creditors more than $28 million. According to court documents, Jackson’s debts include two multi-million verdicts against him:
One for $18.4 million, which arose from a case in which Jackson was being sued for stealing a design from Sleek Audio – Jackson’s appeal of this verdict was unsuccessful.
- Another for $5 million, which Jackson has been ordered to pay a woman for emotional distress after leaking her private sex tape.
Additionally, Jackson reportedly owes:
- More than $1,700 to his grandfather
- Nearly $138,000 to Bentley for a lease
- Upwards of $1 million in legal bills.
Critics Think Rapper Has Ulterior Motive for Filing for Bankruptcy
While Jackson has poked fun at news of his recent bankruptcy filing by posting a photo on Instagram of himself next to a Smart Car, suggesting he may have given up his expensive ride, some are criticizing Jackson for his move to pursue bankruptcy.
In fact, critics contend that Jackson has filed for Chapter 11 bankruptcy in an effort to try to get out paying the recent multi-million dollar judgements against him.
Another interesting facet of this bankruptcy case is the fact that Jackson was reported to be worth about $155 million earlier this year, according to Forbes.
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