50 Cent Files For Chapter 11 Bankruptcy

Just days after being ordered to pay $5 million for leaking a female’s sextape, 50 Cent has filed for Chapter 11 Bankruptcy according to the Wall Street Journal. The statement below shows why 50 filed for bankruptcy, which proves a very good point. With his various business ventures and Power beginning to take off, 50 should be back very soon.

“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,” says William A. Brewer III, partner at Brewer, Attorneys & Counselors, and counsel to Mr. Jackson, in a statement to Billboard. “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.”