50 Cent has filed for bankruptcy after losing a multi million dollar lawsuit against him, it has been reported.
According to multiple reports, the rapper filed the Chapter 11 bankruptcy papers on Monday, three days after a judge ordered him to pay Rick Ross’ baby mama $5 million for intentionally leaking her sex tape in 2009 in order to embarrass Ross. The judge had asked him to produce proof of income and worth so that the jury can determine punitive damages.
But in the bankruptcy docs filed by his lawyer, 50 said his assets are within the range of $10 to $50 million … but his liabilities are also within the same range. In addition, he still has to pay a headphones company $14.7 million after a jury determined he stole their headphones design.
His bankruptcy filing is especially shocking because Forbes estimated he was worth $155 million in May this year.