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50 Cent Enters $23 Million Bankruptcy Settlement

By Ephrat Livni, Esq. | Last updated on

Many men may wish death on him, but fans of 50 Cent will be happy to hear that the hip-hop star has settled his bankruptcy case. It's good news for the rapper personally and those who appreciate his music, as we'll probably soon be hearing from him a whole lot.

Curtis Jackson, as the entertainer is known in court, has to come up with $390,000 a month to meet his obligations under the terms of the settlement, so expect to see him performing and promoting products to make the money. Jackson filed for bankruptcy in July of last year. Now, he is on a payment plan that would be too much pressure for a lesser man than 50 Cent.

An Ordeal

Going through bankruptcy is an ordeal. For a rapper who likes to rhyme about his riches, it had to be humiliating for 50 Cent to find himself in dire financial straits.

Two lawsuits left him in debt. In one, a headphone company successfully accused the rapper of stealing trade secrets and won a $17 million judgment. The other was a defamation case stemming from a sex tape 50 Cent posted without permission in 2009. It showed the ex-girlfriend of a rapper with whom 50 Cent was feuding and she sued. A Florida jury awarded her $6 million dollars. According to TMZ, he'll be working every month to come up with about $23 million in the next few years to pay off both of these judgments.

Relief Expressed

The bankruptcy settlement was proposed in April and approved last week. His attorney expressed relief on behalf of 50 Cent and surely felt some too. While the case was pending, the rapper couldn't resist playing with the situation, his lessons from the sex tape fiasco not yet learned.

50 Cent posted a photo of himself on Instagram surrounded by piles of currency spelling out the word BROKE. This little joke got him called in before the bankruptcy judge. But all must be well now, as the settlement was approved and 50 Cent was grinning in photos outside of court afterward.

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