You may have seen that Curtis Jackson—the rapper, actor, and entrepreneur also known as 50 Cent—filed for bankruptcy on Monday in Hartford, Connecticut.
The Chapter 11 bankruptcy filing is light on details; he will likely have to submit itemized paperwork in the next 7-14 days that enumerates his assets. Monday’s filing simply estimates that Jackson has between one and 49 creditors (individuals or entities to whom he owes money), that his assets are worth between $10 million and $50 million, and that his debts are also worth between $10 million and $50 million.
In other words, this does not mean Jackson is broke, which is a common misinterpretation of bankruptcy filing. Rather, it can often be a tactic to avoid payment of a recent new debt. In Jackson’s case, it so happens that last week a jury in Manhattan ordered him to pay $5 million to a woman who says…
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