Rapper 50 Cent filed for bankruptcy last May in Connecticut minutes after he was supposed to appear in a Manhattan court. The said reason for filing chapter 11 bankruptcy was that he 'had to protect his assets.' Meanwhile, many were still intrigued on why he had filed it when in fact he had been a successful artist and businessman as well.
50 Cent, with real name Curtis Jackson, filed bankruptcy in May. He was supposed to appear before a Manhattan judge named Paul Wooten, but did not show up. The said judge was irritated by what 50 Cent had done, thus saying "I ordered that the defendant appear here today, the court's frustration with continuously trying to get this case resolved in what it thinks is both a timely and fair manner," according to Page Six.
Jackson was supposed to pay for punitive damages for a lawsuit filed against him by Lestonia Leviston. However, even though Leviston already acquired $5 million from the rapper, her lawyers still want to punish 50 Cent by adding another $10 million for the tape he posted.
After this, 50 Cent filed again for chapter 7 bankruptcy just when Leviston's case was about to start in court last May. However, the judge who ruled the court favored Leviston and decided to proceed with the case.
Rolling Stone had interviewed 50 Cent regarding his bankruptcy issue and said "You know when you're successful and stuff, you become a target. I don't want to be a bullseye. I don't want anybody to pick me as the guy that they just come to with astronomical claims and go through all that."
According to the Guardian, people who laugh about 50 Cent filing for bankruptcy obviously know nothing about hip-hop. The fact that black rappers have undergone severe struggling before landing a successful career, of course they do not want to crash and live again like the hard times.
This move of Curtis Jackson is indeed wise, for he is only protecting what he had worked hard for.
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