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50 Cent Files For Bankruptcy, Significant Debt Builds

By TMZ

Rapper Curtis "50 Cent" Jackson is down for the count after losing a multi-million dollar lawsuit ... he's just declared bankruptcy. TMZ has confirmed ... 50 filed for bankruptcy on Monday, 3 days after Rick Ross' baby mama won a $5 million jury verdict against him.

50 is in a world of financial hurt. A jury awarded Lavonia Leviston the $5 million after determining the rapper intentionally leaked a sex tape in which she was featured, in order to embarrass Ross. 50 has been ordered to produce proof of income and worth so the jury can determine punitive damages.

According to the bankruptcy filing -- a story first reported by Page 6 -- 50 says his assets are valued between $10 and $50 million but his liabilities are also between the same range.

Two months ago, 50 Cent's promotional company - SMS Promotions - declared bankruptcy. 50 started SMS back in 2012, and quickly signed then-undefeated champion Yuriorkis Gamboa, James Kirkland and Olympic medalist Andre Dirrell.

In those court documents filed in Connecticut, SMS says it has between $100k and $500k in debts. SMS just put on a fight in Connecticut on May 15th -- though it clearly wasn't enough to turn the company around.

On top of that, 50 lost a court case in which a jury socked him with a $17.2 million judgment over ripping off a headphones design.

It's a breathtaking fall .. in May, Forbes estimated 50's net worth at $155 million.

Tags: 50 Cent image  
User Comments and Feedback (Register For Free To Comment) Comment by //// on 07-21-2015

I doubt he's worth 500 mil, those celebrity wealth estimations are always always wildly incorrect and can't track spending habits or appraise every investment return And I'm sure you're right that he's lowballing the court to get a payment reduction…

Comment by elfag on 07-21-2015

[QUOTE=Cruisin';15895629]lmao i almost feel sorry for him[/QUOTE] "While Forbes estimated the rapper's fortune to be about $155 million in May, Jackson's lawyer said in court Tuesday that his client's worth is $4.4 million, which presents a problem after he was…

Comment by Sweet Pea 50 on 07-21-2015

[QUOTE=AddiX;15871651][B]50 isn't bankrupt you god damn ratchet children.[/B] The guy is worth 500 million. Chapter 11 just gives him time to get the $ together to pay off his lawsuit, most of his $ is invested and spread out who…

Comment by //// on 07-21-2015

[QUOTE=Sugar Adam Ali;15895594]Bump.... Interesting article I stumbled on [url]http://finance.yahoo.com/news/50-cent-testifies-lifestyle-just-210440846.html[/url][/QUOTE] lmao i almost feel sorry for him

Comment by Sugar Adam Ali on 07-21-2015

Bump.... Interesting article I stumbled on [url]http://finance.yahoo.com/news/50-cent-testifies-lifestyle-just-210440846.html[/url]

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