Bankruptcy ordeal over for 50 Cent

Photo credit: @50Cent/Instagram
Photo credit: @50Cent/Instagram

Curtis Jackson, better known as 50 Cent, has been in a well-publicized bankruptcy case for more than a year. The rapper, whose hits and business decisions have earned him millions, claimed that he was broke. His court filings in the Chapter 11 case list $36 million in debts and less than $20 million in assets. During the trial, Jackson made several posts on social media displaying large amounts of cash. One picture featured him coming out of the courtroom with wads of cash stuffed in his belt. Later, he claimed that the bills were all movie prop money and he was working on a project about a broke rapper. The judge admonished him in court about flashing the fake money around and stated: “There’s a purpose of having a bankruptcy process be transparent, and part of that purpose is to inspire confidence in the process.”.

50 soon stopped the staged photos. “By including pictures from [Mr. Jackson’s] social media accounts and implying that [he] is hiding assets…the [three creditors] intentionally ignore that [Mr. Jackson] is in the entertainment and promotion business and must maintain his brand and image or those of the products he is promoting,” his lawyers said about the incident.

Now Jackson’s bankruptcy case is over after he completed a payoff plan ahead of schedule.

Federal Bankruptcy Court Judge Ann Nevins discharged 50 Cent’s bankruptcy case on Thursday, Feb. 2  after he paid more than $22 million. Jackson was fortunate to have won a $14.5 million in a malpractice suit that was also going on during his bankruptcy proceedings. The judge presented a five-year repayment plan in July 2016 for the back taxes that were owed. Since that time, the “Get Rich or Die Tryin” rapper hustled to pay off the money early. Jackson’s lawyers stated that he paid off the five-year plan early with $8.7 million of his own money and $13.65 million he received in the recent settlement of the legal malpractice lawsuit against other attorneys.

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