50 Cent has declared bankruptcy, TVGuide.com has confirmed.
The rapper (real name: Curtis Jackson) filed on Monday, according to his lawyer, just days after losing a $5 million verdict against Lavonia Leviston, whose lawyers said Jackson intentionally leaked a sex tape that she was in.
Although Forbes listed 50 Cent's net worth as $155 million in May, according to the bankruptcy filing, Jackson's assets are valued between $10 million and $50 million. However, his liabilities are for roughly the same amount.
"The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests," Jackson's lawyer said in a statement.