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50 Cent owes up to $50 million to his creditors

Posted at 1:32 PM, Jul 13, 2015
and last updated 2015-07-13 13:32:41-04

HARTFORD — Curtis James Jackson III, otherwise known as 50 Cent, filed for bankruptcy in a Hartford, Connecticut court on Monday. The rap artist is seeking Chapter 11 bankruptcy, and according to the documents filed by his attorney he owes between $10 million and $50 million to his creditors.

He currently lives in a Farmington, Connecticut estate that he bought from Mike Tyson for $4.1 million back in 2003.

Chapter 11 is a type of filing usually used by corporations to restructure a business in the face of crippling debt. However, 50 Cent is listed as the sole debtor in this case.

The lawyer for the case, James Berman of the firm Zeisler & Zeisler, P.C., could not be immediately reached for comment.

The bankruptcy filing comes on the heels of a ruling in a Manhattan civil court that the rapper must pay $5 million to a Florida woman who says 50 Cent posted a sex tape of her on the Internet in 2009. Further deliberations in that case are expected to continue this week, and could impose additional charges on 50 Cent.

According to news reports, the “Get Rich or Die Tryin” rapper did not testify in the civil case.