Despite an estimated worth $150 million, 50 Cent has filed for bankruptcy on July 13, 2015, on the same day when he was about to testify about his finances, for a lawsuit where he is accused of posting a sex tape of a woman.
According to the filing in Bankruptcy Court, he has around $10 million to $50 million in assets, with the same amount of debt, and it’s expected his debt will only grow.
This comes at a time when a jury awarded the woman, Lastonia Leviston, a total of $5 million for violation of civil rights and emotional distress.
For now, 50 Cent has some relief, as the judge on Monday delayed the sex tape case for a week, as Leviston’s lawyers gear up to challenge the proceedings of bankruptcy filed by the “Candy Shop” rapper.
Curtis Jackson, or 50 Cent as people know him, has said that he knew Leviston was “cool” with him going ahead and posting the video. However, he did acknowledge that he didn’t seek her permission.
Apparently, the rapper used the video to mock at Rick Ross, who has fathered a child with the woman. According to Leviston’s lawyer, 50 cent also used the tape for increasing traffic to his website.
After the lawsuit was heard, Manhattan Supreme Court Justice Paul Wooten had asked the rapper to testify about his finances. At round 10 a.m. on Monday, his lawyers surprised everyone with a bankruptcy petition.
This is not the first time that Fitty has applied for bankruptcy. Earlier he had said that his previous lawyers were too expensive.