50 Cent isn't going to let a little thing like bankruptcy stop him from doing business.
Lawyers for Curtis Jackson confirmed the rapper-actor-mogul filed for bankruptcy under the chapter 11 code in Hartford, Connecticut, on June 13. The chapter 11 filing allows him to reorganize his business interests, as opposed to a chapter 7 bankruptcy filing, which would mean liquidation of his assets.
So despite the setback, 50 Cent's run as a business mogul is far from done.
"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.
"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.