Rapper 50 Cent Files for Bankruptcy
In a stunning event, Rapper 50 Cent has filed for chapter 11 bankruptcy protection according to Fortune magazine. This is a personal filing in his own name, Curtis James Jackson III. This filing begs the question whether Forbes net worth estimates over the years are worth the pixels they are read on online.
According to the Connecticut District Court records on Pacer.gov, the case was filed earlier today, July 13, 2015.
Whether this turns out to be another sad story of someone emerging from poverty to great wealth and not having a clue on how to manage the money or something else, it is too early to tell. There are a reported number of hefty judgments against him including a recent jury verdict against him requiring him to pay approximately $5 million dollars in damages.
Before you feel to terribly about this, it is important to note that 50 Cent still has significant assets even though his liabilities are astronomical at this point.
For a copy of the petition go 50 Cent Bankruptcy.