50 Cent Is Broke?
According to several reports, 50 Cent has filed for Chapter 11 Bankruptcy protection. Court papers revealed the Hip Hop mogul has assets and debts in the range of $10 million to $50 million. The Chapter 11 filing comes just days after 50 Cent was ruled to pay $5 million to the woman from the infamous sex tape which was sold on the fact that it featured Rick Ross baby’s mother. The tape was released by 50 Cent with hilarious commentary while he was in character as Pimpin Curly.
This doesn’t necessarily mean 50 Cent is broke like many outlets are wrongly reporting. Chapter 11 allows a business to re-organize their finances and protects them from demands of a creditor. While many will see the headlines and believe 50 Cent is actually broke, the “I Get Money” hit-maker is far from it. Still the headlines can and probably will hurt 50‘s character.