Rapper 50 Cent, born Curtis Jackson, appeared in a New Haven court on Wednesday to attend his bankruptcy proceeding. The 40-year-old rapper appeared in a suit and answered the attorney’s questions regarding his finances – sort of.
As the Inquisitr previously reported, 50 Cent filed for bankruptcy as court documents show that he is $26 million in debt that stem from owing $23 million for court judgements, $50,000 to American Express, $100,000 to Bentley, and more than $1,000 to his own grandfather. Additionally, 50 Cent was ordered to pay $5 million to Lavonia Leviston for allegedly leaking a sex tape.
Fiddy was once known as one of the richest rappers, so how did he become bankrupt? He says that spending on lavish items, a few court-ordered payments, and lawsuits made him bankrupt.
According to 50 Cent, as reported by Business Insider, he spends $108,000 monthly on personal and home expenses.
The bankruptcy proceeding started on the wrong foot when 50 Cent couldn’t even provide attorney Abigail Hausberg with an ID containing his Social Security number.
After that, Hausberg asked a series of questions that left 50 Cent stumped. He wasn’t able to answer most of the questions without consulting his team, which consists of an accountant and three lawyers, as the NY Daily News reports.
When asked how long his accountant had been working for him, Fiddy looked to his lawyer for an answer. Asked if he had a brokerage account, 50 Cent again got help from his team. The proceeding then went on to tackle how 50 Cent came up with the money to pay for lawsuits against him, which amounted to more than $20 million. 50 Cent’s team said that the rapper sold his music catalog for $6 million to Kobalt Music Group.
Half of the $6 million reportedly went to his living expenses, as one of his lawyers said, which prompted 50 Cent to say, “I don’t remember having lots of money.”
50 Cent was grilled by Hausberg for about three hours, asking him questions about royalties, companies, and cars. The rapper also said that although he has ongoing deals with a vodka and underwear company, he won’t be getting his income from those until next year.
50 Cent will be back in court for another bankruptcy proceeding in the future. Let’s hope, for his own sake, that he knows what to answer next time.
In other news, 50 cent is starting to take his name a little too literal
— sosa (@69hunna) August 6, 2015
In new bankruptcy court filings, 50 Cent says he’s on pace to spend $77,844 a year in “lawn care”
— Darren Rovell (@darrenrovell) August 4, 2015
— Perez Hilton (@PerezHilton) August 4, 2015
[Photo by Dimitrios Kambouris/Getty Images]