50 Cent opened up about bankruptcy filing he made on Monday morning, July 13. In an interview with E! News at the “Southpaw” press junket later in the day, the 40-year-old rapper said that the filing was motivated by the fact that he had become a target because of his financial situation.
“I’m taking the precautions that any other good businessperson would take in this situation,” the rapper said. “You know when you’re successful and stuff, you become a target. I don’t wanna be a bullseye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.”
The rapper whose real name is Curtis James Jackson III filed for chapter 11 code to the U.S. Bankruptcy Court in Hartford, Connecticut. According to the legal documents, his assets and debts are valued at the same range, between $10 million and $50 million. “Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy,” the “Candy Shop” rapper continued. “It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward.” Regarding the court process, he said, “I got a descent legal team. You don’t have to worry.”
The news of his bankruptcy filing came just a few days after Manhattan court ordered him to pay $5 million for leaking a sex tape back in 2009. The woman in the video, Lastonia Leviston, feels humiliated not only because the video distribution was without her consent but also because of the rude narration in the video. The amount Cent has to pay may get escalated this week when the jury weighs punitive damages against him. In regard to the punitive damages, the judge ordered his lawyers to turn over his financial net worth statements and his tax returns for the last five years.