He’s Not Broke! 50 Cent Releases Statement About Bankruptcy

On Monday, he filed court documents listing his assets and debts to be between $10 million to $50 million. When it comes to a Chapter 11 bankruptcy protection filing, the amount of money he has listed makes him eligible to file. Chapter 11 bankruptcy doesn’t mean you are broke; it means you need to reorganize your finances to avoid going broke. According to the Moranlaw, it is defined as:

Chapter 11 bankruptcy is a form of bankruptcy reorganization available to individuals, corporations and partnerships. It has no limits on the amount of debt, as Chapter 13 does. It is the usual choice for large businesses seeking to restructure their debt.

50 Cent

Now that 50 has filed the papers “seeking to restructure [his] debts” this will work to his favor when it comes to paying Leviston. He will have a longer time to pay her because according to what Attorney Robert Gregg told Complex, it could take up to 18 months for his restructuring plan to get approved. Which means he won’t have to pay her until after he has a new plan on the best way to fix his finances.

A Chapter 11 bankruptcy goes into a debt restructuring plan. The plan takes 18 months to get approved, and the attorneys try to convert this from a Chapter 11 to a Chapter 7. Now you’re talking about up to five years in which everything gets approved. You kind of look to string it out and hope that in that time the companies who you owe step back.

Yesterday, a few hours after news broke about the South Paw actor filing, his attorney William A. Brewer III explained to Variety what Fif’s filing will mean to the rapper.

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.

Late last night, 50 Cent spoke out in regards to his filing…sort of. In true Fif style, he joked about his bankruptcy in a picture on Instagram with hims standing in front of a smart car with the caption,

times are hard out here LMAO.

  Times are hard out here LMAO #EFFENVODKA #FRIGO #SMSAUDIO   A photo posted by 50 Cent (@50cent) on Jul 13, 2015 at 9:43pm PDT

Update #2. 50 has released the following statement:

I’m taking the precautions that any other good businessperson would take in this situation. You know when you’re successful and stuff, you become a target. I don’t wanna be a bulls eye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that. Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward. I gotta descent legal team. You don’t have to worry.