50 Cent has released a statement elaborating on his decision to file for bankruptcy.
It came as a surprise to most today when 50 Cent, one of the most successful rappers in the business had filed for a Chapter 1 bankruptcy. While his deal with SMS Audio recently went sour, and he was recently ordered to pay the mother of Rick Ross‘ child $5 million, it still seemed unlikely that the rapper could be broke, and a new statement provided by his attorney has cleared things up to an extent.
According to Fif’s rep, William A. Brewer III, 50 Cent has filed for bankruptcy in order to “reorganize” his finances, and none of his business ventures will be effected.
Check out the full letter (courtesy of Billboard), below.
Attorneys for Curtis Jackson, a/k/a 50 Cent, today announced that their client has filed for relief under chapter 11 of the Bankruptcy Code. The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests.
Mr. Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the chapter 11 case.
This filing for personal bankruptcy protection 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.