Why 50 cent filed for Bankruptcy?

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Rapper 50 cent, real name Curtis James Jackson III, music star, businessman, actor and Grammy award winner as a wide range of businesses, including clothes, drinks, boxing, and mining, filled for personal bankruptcy.

Also, having filled for Chapter 11 in Connecticut, which allows companies time to reorganize their finances while protecting them from creditors’ demands, 50 cents seems to have covered both ends of his business empire, since under the bankruptcy protection, Mr. Jackson can pursue his business operations as usual and follow through with his career as an entertainer and, during the waiting period of the Chapter 11 case, business interests will continue unaffected.

It all stems from a sex tape case where the jury ruled in favor of the woman involved, for a $5 million dollar penalty for the entertainer, including punitive damages in the invasion-of-privacy lawsuit but this last part may not even be considered.

The 2003 album ‘Get Rich or Die Trying‘ sent the entertainer to worldwide instant fame and since then he has sold more than 30 million albums.

Now he’s working on his latest film role as a boxing promoter in the upcoming movie “Southpaw.”

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