Rapper 50 Cent Files For Chapter 11 Bankruptcy

Rapper 50 Cent, also known as Curtis James Jackson III, filed for Chapter 11 bankruptcy on Monday, confirmed the Connecticut Bankruptcy Court to the International Business Times.

The Wall Street Journal broke the news earlier on Monday. According to documents filed with the court, Jackson reported assets and debts each between $10 and $50 million. The petition also indicates the “Candy Shop” rapper has between one and 49 creditors.

In a statement given to IBTimes, Jackson’s lawyers said the rapper’s business interests will continue unaffected during the course of the Chapter 11 case.

“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,” William A. Brewer, partner at Brewer, Attorneys & Counselors and Jackson's lawyer, said in a statement.

The filing arrives a few days after a jury ruled that Jackson pay $5 million to a woman who sued over a sex tape, as was reported by the Associated Press. According to the AP, Jackson was because sued because he acquired a video a woman made with her boyfriend and then re-posted it to the internet with his added commentary without her permission.

50 Cent is the producer of "Power" on Starz, which is currently in its second season.