50 Cent Breaks Silence on Bankruptcy Filing

50 Cent Breaks Silence on Bankruptcy Filing

“I'm taking the precautions that any other good businessperson would take in this situation," says Queens native.

Published July 13, 2015

50 Cent has an explanation for why he filed for personal bankruptcy protection today, and it’s not so much about a lack of money.

The 40-year-old multi-millionaire, whose birth name is Curtis Jackson, doesn’t want to get taken advantage of, he told E! News today while promoting his new film, Southpaw. “I'm taking the precautions that any other good businessperson would take in this situation," he explained. "You know when you're successful and stuff, you become a target. I don't wanna be a bulls eye. I don't want anybody to pick me as the guy that they just come to with astronomical claims and go through all that."

| CLICK FOR EASY COME, EASY GO: MUSICIANS WHO WENT BANKRUPT |

With a net worth once reported at $150 million, and a $5 million judgment hanging over his head, Fif’s Chapter 11 declaration is not so different than other rich guys in his position. “Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you're reorganizing your finances, but it does stop things from moving forward that you don't want moving forward."

Attorney William A. Brewer III mirrored his client's words today stating that the bankruptcy “permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs."

Lesontia Leviston, the ex-girlfriend of Rick Ross, won her sex-tape lawsuit against the Queens native last week, but he's not stressing over it. ”I gotta decent legal team,” he assured. “You don't have to worry."

BET.com is your No. 1 source for Black celebrity news, photos, exclusive videos and all the latest in the world of hip hop and R&B music.

(Photo: Dimitrios Kambouris/Getty Images)

Written by Latifah Muhammad

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