50 Cent Says He Filed for Bankruptcy to Reorganize His Finances
50 Cent is opening up about his current financial situation, after filing for bankruptcy on Monday (July 13).
"I'm taking the precautions that any other good businessperson would take in this situation," said Fif while speaking with E News! at his Southpaw press junket. "You know when you're successful and stuff, you become a target. I don't wanna be a bullseye. I don't want anybody to pick me as the guy that they just come to with astronomical claims and go through all that."
The New York MC filed for Chapter 11 bankruptcy yesterday following the sex tape lawsuit verdict that cost him $5 million. The case involved Lavonia Leviston, whom argued that Fif leaked a raunchy tape of her and another man.
"Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy," 50 continued. "It means you're reorganizing your finances, but it does stop things from moving forward that you don't want moving forward. I got a decent legal team. You don't have to worry."
E News! has obtained the bankruptcy legal docs, in which 50 says debts are mostly consumer debts and lists his estimated amount of creditors between one and 40. He also says his assets are valued between $10 and $50 million, with liabilities between the same range.
In a statement issued after the G-Unit leader filed, attorney's for 50 Cent said, "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. Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case."
Fiddy reiterated the same message on today’s episode of The Talk. Sharon Osbourne asked 50, “My darling friend, there’s been a lot of news about you in the last couple of days and all your fans and all of us here want to know that you’re OK, that’s all.” The music mogul simply said that he's fine. "I’m fine. It’s just we going through little legal issues. I got some trained professionals to help me...get pass it," he said. Watch that video here. He even pokes fun of himself on Instagram (see below).
So, 50 Cent isn't broke. He's just making some smart financial moves.