50 Cent just got a huge financial monkey off his back. The Queens rapper has payed off his $22 million debt, thus taking him out of bankruptcy.
Billboard writes:
A federal judge has discharged rapper 50 Cent‘s bankruptcy case after he paid more than $22 million.
Bankruptcy Judge Ann Nevins approved the discharge Thursday (Feb. 2) in Hartford, Connecticut.
Nevins approved a plan in July calling for 50 Cent, whose real name is Curtis Jackson III, to pay back about $23 million.
Jackson’s lawyers said Thursday that he paid off the five-year plan early with $8.7 million of his own money and $13.65 million he received in a recent settlement of a legal malpractice lawsuit against other attorneys.
50 filed for filed for Chapter 11 in 2015, citing debts of $36 million and assets of less than $20 million. That news made headlines when 50 portrayed himself as broke, with his lawyers saying that he was only worht $4 million and was only payed dimes on the dollars for his 2003 album Get Rich Or Die Tryin’.
50 himself said that filing for bankruptcy was “strategic” in a interview with Larry King.
“It’s a move that was necessary for me to make at this point so I didn’t allow myself to create that big red and white bulls-eye on my back, where I become the person that people consistently come to,” he said in 2015.
Now it appears that 50 can now move on to more pressing matters. Like getting the Chris Brown vs. Soulja Boy fight to happen.
Photo: Instagram
