Following the $5 million verdict 50 Cent was handed down in the lawsuit made against him by Rick Ross’ baby mama Tia for leaking their sex tape, the very wealthy G-Unit rapper has officially filed for Chapter 11 bankruptcy – prompting tons of “broke” jokes on social media. That’s far from the case, however.
Basically, filing for Chapter 11 protects you when you have a lot of debt, and gives you a comfy window to come up with a “plan” to pay. Under that holding, no one can come after you. There can be no liens, no more judgment, etc. AKA, everyone that 50 owes money to – including Ross’ baby mama – will now have to wait to collect their coins and there’s nothing they can do about it.
“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,” his lawyers said in a statement.