50 Cent files for bankruptcy

Rapper 50 Cent has filed for bankruptcy following a sex tape lawsuit.
The 40-year-old "Candy Shop" hitmaker was ordered by a jury to pay USD 5 million to Lastonia Leviston for allegedly posting a sex tape of her online, reported E! Online.
"I'm taking the precautions that any other good business person would take in this situation. You know when you're successful and stuff, you become a target.
"I don't wanna be a bulls eye. I don't want anybody to pick me as the guy that they just come to with astronomical claims and go through all that," he said, filing Chapter 11 bankruptcy, which permits reorganisation under the bankruptcy laws of the US.

According to legal documents, 50 Cent's assets are valued between USD 10 million and USD 50 million with estimated number of creditors between one and 49.
"Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you're reorganising your finances, but it does stop things from moving forward that you don't want moving forward. I gotta descent legal team. You don't have to worry," the rapper said.
Leviston had filed a lawsuit in 2010, claiming she struggled with thoughts of suicide after the video was released online.
The news comes weeks after the rapper's boxing promotion company, SMS Promotions, was put into bankruptcy.