Rapper 50 Cent has filed for Chapter 11 bankruptcy protection, according to reports in the US.
The rapper filed for bankrupty on Monday,13/7/2015 in the US Bankruptcy Court, Connecticut. The nature of debt is primarily that of individual consumer debts (kuparty kwa sanaa).
Documents filed in Connecticut Bankruptcy Court showed Jackson's total assets and liabilities were listed in the range of $10 million to $50 million.
So, the chapter 11 bankruptcy filing comes days after a jury ruled that Jackson must pay $5 million to a woman suing over a sex tape that was posted without her permission, according to the Associated Press. (this woman is said to be Rick Ross's ex-girlfriend Lativia Leviston and the sex tape which he commented on was released online to millions of viewers in an attempt to embarrass Rick Ross). mmmmh...perfect TIMING.
The rapper's attorney explained in a statement:
"The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests. Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case. This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs."
So, its not that the rapper is out of money, he just doesn’t exactly have enough to cover what he owes. Although his fans are all angry, i personally think its a good safe move,why? cause he has protected his current money interests. You just won't touch his money for now.
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| He posted this pic on Twitter and captioned it, Times are hard out here, lol..Funny Guy. |
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