Curtis Jackson III is also known as 50 Cent, on Monday, filed the Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Hartford that's days after a jury ordered, that he must pay his rival, Rick Ross' ex-girlfriend, Lastonia Leviston $5 million in an invasion-of-privacy lawsuit.
The Chapter 11 bankruptcy protection allows the "Get Rich or Die Tryin'" rapper to reorganize his business interests as opposed to a chapter 7 bankruptcy filing, which would mean liquidation of 50 Cent's assets.
50 Cent's attorney further explained, "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. 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."
The court papers stated that the rapper's total debts estimates between $10 million and $50 million, the debt amount has the same range with 50 Cent's assets.
Curtis Jackson III bankruptcy petition includes a mansion in Farmington, Conn.,formerly owned by boxer Mike Tyson. 50 Cent's mansion reportedly has a 21-bedroom, a racquetball court, a home movie theater and an eight-car garage.
The lawyer of the rap artist stated, that he was "disappointed" by the verdict of the jury last week where the lawsuit accused 50 Cent of posting a 13-minute sex tape on the rapper's website in 2009 as part of a "rap war" between himself and Mr. Ross.
Court papers stated, "Rap wars or beefs are common in the rap and hip hop culture and involve irritating other artists to create more interest, develop more awareness for themselves and create competition, or battles, as two who can create material 'up to standard' quickly."
