50 Cent’s title as one of the richest men in hip-hop was painfully stripped away last year when a series of lawsuits and money problems left the rapper filing for bankruptcy and revealing that he didn’t have the hundreds of millions that fans thought he did. Since then, 50 has been in court trying to manage all of his financial issues and now it seems like he’s finally reached a resolution in his bankruptcy case, but it’s going to cost him a large portion of his fortune.
As previously reported, 50 Cent recently filed for Chapter 11 bankruptcy and court documents from the case showed that he’s $36 million dollars in debt to multiple institutions, but he only has $20 million in assets. Making matters worse for 50 was his unquenchable thirst for social media antics, which saw him making several posts of himself surrounded by cash, which he says is fake prop money.
50 nearly ruined his bankruptcy case with his antics as the judge in the case chastised his goofy behavior.
Although 50 avoided any trouble because of his antics, good behavior didn’t get him out of debt and media reports claim that he and his lawyers have finally come up with a payment plan to submit to the bankruptcy judge.
In the plan, 50 will pay out $23 million over the next five years to all of his creditors. Three of his biggest creditors were mentioned in the court documents and they are each walking away with some large paychecks. Sleek Audio will get $17.3 million, SunTrust Bank will get $4.9 million, and Lastonia Leviston, who received a $7 million settlement in 50’s infamous sex tape case, will walk away with $6 million.
50 will also liquidate some of his assets in order to help pay off his massive debt to his creditors. The plan hasn’t yet been approved by the judge, but at least 50 is taking the right steps to finally bring an end to this case. But considering that his debt is still far above his assets, he’s going to have to find some new sources of income to keep from remaining broke.
