Too often in big business, the higher you climb, the harder you fall. If your estimated net worth was at $155 million in May, do you think you’d be able to sustain it ’til July? Despite these large numbers, rapper 50 Cent filed for bankruptcy some time on Monday morning. But you don’t need to feel too sorry for Curtis Jackson. The man who sold over 30 million albums during his career filed for Chapter 11 bankruptcy protection, reporting that his assets are worth something between $10-50 million, as are his debts. Basically, he’s not straight bankrupt but is putting a case forward to be granted time (and legal protection) to ‘reorganise’ his finances.
Conveniently, all this happened just three days after he was ordered to pay a hefty fee of $5 million to Rick Ross’s ex -girlfriend Lastonia Leviston, for reportedly leaking a sex tape she featured in. Under the Chapter 11, debtors are protected from litigation against their business and creditors aren’t allowed to continue all debt collection attempts. Pretty handy, really. Looks like Fiddy will stay rich…while others might die trying to get their hands on his increasing wealth.
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