50 Cent Files For Bankruptcy

50 Cent filed for chapter 11 bankruptcy protection today (July 13), according to The Wall Street Journal.

The G-Unit rapper reported that both his assets and debts are in the range of $10 to $50 million.

50 Cent filed papers in the U.S. Bankruptcy Court in Hartford, Connecticut.

Chapter 11 bankruptcy is typically referred to as a "reorganization" bankruptcy, according to the United States Courts' website. "This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership," the site says. "A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11."

On Friday (July 10), 50 Cent was ordered to pay $5 million to Lastonia Leviston for posting a sex tape of her. Leviston has a daughter with Rick Ross, with whom 50 Cent has a rivalry.

50 Cent appears in the forthcoming film Southpaw, which is due July 24. The second season of Power, the Starz network program in which he stars and executive produces, returns August 1.

[HHDX]