US rapper and businessman 50 Cent files for bankruptcy
July 14 , 2015
American Grammy-award winning rapper Curtis James Jackson III, better known as 50 Cent, has filed for bankruptcy, reports say.
The 40-year-old star musician and businessman said in court papers that his assets and debts were in the range of $10m - $50m. This comes after a jury ordered him to pay $5 million in a sex tape case.
50 Cent’s business interests include boxing, drinks, and clothes.
According to Chapter 11 of bankruptcy, companies are given time to re-organize finances and get protection from the demands of creditors.