According to The Washington Post, 50 Cent has filed for Chapter 11 bankruptcy at the U.S. Bankruptcy Court in Hartford, Conn. on Monday (July 13). 50 Cent listed his debt to range from $10 million to $50 million and to have anywhere from one to 49 debtors.
Back in December 50 Cent landed a deal amounting to $78 million with Frigo Revolution wear (popular men's underwear brand) and in May Forbes named him one of the five wealthiest men in hip-hop, estimating his worth to be around $150 million. In the same month 50's boxing company (SMS Promotions) also filed for bankruptcy, quoting his losses to be between $100k and $500k. Most recently, 50 Cent was ordered to pay out $5 million in damages to the mother of Rick Ross' child.
Representatives from 50 Cent's camp are planning to release more details regarding his bankruptcy on a later date, according to Billboard.
Let's pray for 50.