"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," says William A. Brewer III, partner at Brewer, Attorneys & Counselors, and counsel to Mr. Jackson, in a statement.
"Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case.
50 Cent Files for Bankruptcy
"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."
50 Cent's bankruptcy filing follows close on the heels of a court ordering him to pay a woman $5 million for posting her sex tape online without permission. The woman in question shares a child with Rick Ross, who 50 taunted during his narration of the sex tape.