50 Cent Declares Bankruptcy After Losing Lawsuit Brought by Lastonia Levinson

Things were all good just a week ago for Hip Hop mogul and rapper 50 Cent, a.k.a. Curtis Jackson. After antagonizing just about everyone in the Hip Hop community, especially nemesis Rick Ross, it appears that the self-proclaimed funny man is no longer laughing after being ordered by a judge to pay out $5 million dollars in punitive damages to Lastonia Levinson, the mother of Rick Ross' child, after uploading a sex tape of her back in 2009. Three days after the verdict was handed down, Jackson has now filed for Chapter 11 citing bankruptcy.

According to the Wall Street Journal Jackson filed for Chapter 11 protection after being ordered to pay out the $5 million dollar settlement. Court documents state that Jackson's current assets and liabilities are both valued between $10 million to $50 million dollar range.

This comes after Curtis reportedly lost a lawsuit to Sleek Audio back in December, with a court-ordered payout of $17.2 million for stealing headphone designs according to TMZ. Reports suggests that he appealed the judge's ruling, however it still could be a pretty hefty penalty hanging over the rapper's head if he does not win the appeal.

Jackson's filing for bankruptcy could be a very smart move for him if he is looking to evade shouldering some of the financial burden he is currently under. However, this could be a very bad move, as his financials will now be researched with a fine-toothed comb by court authorities. This comes as a shock to many as Forbes listed the mogul worth a whopping $155 million back in May of this year.

The mogul is involved with a number of different money generating ventures ranging from his foray into the Spirit's industry with Effen Vodka, to his blossoming film and TV career with hit show Power and upcoming film South Paw.

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