50 Cent declaring bankruptcy: Report

50 Cent might not even be worth his namesake.

50 Cent might not even be worth his namesake.

Curtis James Jackson, also known as 50 Cent, filed a personal bankruptcy claim on Monday, the Wall Street Journal reported. The declaration comes days after the “Candy Shop” rapper was slapped with a $5 million lawsuit in a sex-tape trial that included the mother of rival Rick Ross’ child.

The lawsuit came after Jackson, 40, posted what was supposed to be a private sex tape featuring Ross’ former partner Lastonia Leviston and her ex-boyfriend (not Ross) to his website, ThisIs50.com, complete with less-than-friendly narration by the rapper. Leviston sued in 2010 for emotional distress.

After only 70 minutes of deliberation, a Manhattan jury found him guilty of posting the video. The verdict would have required Jackson to disclose his net worth and tax information to assess how much he should be charged in punitive damages in addition to the $5 million.

However, the initial Chapter 11 bankruptcy claim, according to the Journal, shows 50 Cent with $10 million to $50 million in assets and $10 million to $50 million in liabilities, and may be in debt to dozens of creditors. A far cry from the $150 million net worth Forbes estimated him at earlier this year.

50 Cent’s “business interests will continue unaffected” while the claim is pending, according to his counsel, William A. Brewer of Brewer, Attorney & Counselor. “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.”

Carla Sinclair