50 Cent owes money to a lot of people. The New York rapper recently provided a list of creditors to a bankruptcy judge, and 50 cent’s grandfather, Curtis Jackson Sr., is on it, TMZ reports.
According to TMZ, the court documents state that 50 Cent (real name: Curtis Jackson) owes his grandfather $1,737.33, but that’s just a very small fraction of his $26 million dollar debt.
50 Cent owes over $23 million for two court judgments. He also owes Bentley more than $100,000 and over $50,000 to American Express. Most recently, 50 was ordered to pay $5 million to the mother of rapper Rick Ross’s baby.
The baby mama drama erupted when 50 released a sex-tape featuring Ross and Lavonia Leviston, the mother of his child. Leviston’s attorneys claimed that the rapper leaked the tape online as an attempt to gain publicity and to humiliate Rick Ross.
50 Cent responded by filing a lawsuit of his own, TMZ reports, claiming that Rick Ross released the tape first and that he only linked to it.
The jury, comprising four women and two women, awarded Leviston $2.5 million in damages for the use of an image of her face without her permission and another $2.5 million for emotional distress.
50 Cent recently filed for Chapter 11 bankruptcy protection. But in May, Forbes estimated the rapper’s net worth at $155 million, which makes him one of the richest rappers in the world.
So, why the bankruptcy filing?
“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,” the rapper’s legal team said in a statement to Billboard.
“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.”
Chapter 11 bankruptcy enables the debtor to formulate a plan to pay their debts and to determine how much of them he’s able to pay. The debtor then presents the plan to the creditors for their approval, Robert J. Semrad, senior partner at DebtStoppers Law Firm of Robert J. Semrad & Associates, LLC, told Business Insider.
“Walt Disney had filed for bankruptcy before. Donald Trump has filed bankruptcy,” 50 Cent said to E! News on Tuesday while marketing Southpaw, his new movie. “It means you’re re-organizing your finances. But it does stop things from moving forward that you don’t want moving forward.”
The rapper echoed the same sentiment at a recent appearance on TBS’s Conan this week
“Yeah, I need protection,” 50 Cent said. “You get a bull’s-eye painted on your back when you’re successful, and it’s public. You become the ideal person for lawsuits.”
[Photo by Jared C. Tilton / Stringer / Getty Images]