If you haven’t been living under a rock, you might have come across news that rapper 50 Cent has filed for bankruptcy – just days after a jury ruled that he must pay $5 million to Lastonia Leviston in a sex tape case.
The hip-hop artist reported in court papers that he has assets and debts in the range of $10 million-$50 million, according to the Wall Street Journal. In May, Forbes estimated 50 Cent's net worth at $155 million.
While many people assume 50 Cent is indeed broke, that may not be the case. In fact, filing for bankruptcy will just give him ample time to come up with the $5 million he has to give Leviston.
“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," said William A Brewer II, 50 Cent's attorney in an official statement, adding his “business interests will continue unaffected in the ordinary course.”
Even 50 Cent himself says the filing is supposed to be a "strategic business move," which basically means his lavish lifestyle will likely continue unchecked – and that means he would still be able to:
Buy expensive gold-plated shoes
Count half a million dollars to pass time
Drive luxury cars
Take luxury baths
And live in his mansion
50 Cent has sold more than 30 million albums and won a Grammy Award in 2010. The rapper’s latest film role is in the upcoming Southpaw, in which he plays a boxing promoter.