Reports 50 Cent Declares Bankruptcy

50 centAccording to multiple sources 50 cent has reportedly filed for bankruptcy  after he lost the $5 million lawsuit that he lost against Lastonia Leviston, Rick Ross’ baby mother.

The judge verdict against him believing  that 50 cent intentionally leaked the sex tape to embarrassed his rival, Rick Ross. 50 cent has since being ordered to produce proof of income and worth so the jury can determine punitive damages.

Pages Six obtained the chapter 11 bankruptcy paper works.

“Jackson has $10 to $50 million in assets and $10 to $50 million in liabilities. It puts his creditors at between 1 and 49.”

This isn’t the first time that 50 cent his fined. Last year he was fined 17.2 million for ripping his SMS headphones design.

The bankruptcy does come as a surprise as earlier this year, he was named one of the wealthiest in Hip hop, Forbes estimating his net worth at $155 million.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s