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50 Cent says in new court filings he’s $8 million more in debt than he previously claimed

May 14, 2016  |  Posted by: JammedUp Staff
50 Cent says in new court filings he’s $8 million more in debt than he previously claimed

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Rapper 50 Cent is even more broke than he previously claimed.

According to the Daily Mail, new documents filed in his bankruptcy case reveal that the Queens-born native, whose real name is Curtis James Jackson III, is $8 million dollars more in debt than he previously claimed.

The rapper now claims that his actual debt is $36 million, compared to his original filing, when Jackson said he owed his top 20 creditors a total of $28,478,920 in liabilities.

The performer filed bankruptcy last year after a jury in New York ordered him to pay $5 million in a defamation lawsuit filed by the mother of Rick Ross’s child over a leaked sex tape.

Furthermore, 50 Cent’s former business partner won a $17 million judgement over a failed headphone venture.

However, attorneys for Jackson filed an amended schedule of his assets and liabilities in bankruptcy court on May 11th, which he now claims a review of all debts shows the amount in liabilities now totaling $36,098,773.

The rapper listed $19.9 million in total real estate and personal property assets.

His lawyers cited the rapper’s monthly income at $184,000 and another $108,000 he spends on various expenses every month along with another $855,000 in child support and $1.48 million in taxes Jackson owes.

Following his bankruptcy, 50 Cent reached a deal with his creditors on April 12th that would obligate him to repay $23 million over the next five years, which equates to almost 75 percent of the debt he initially owed which comes out to a monthly payment of around $400,000.

Bankruptcy Judge, Ann Nevins, ordered 50 Cent to appear in a Connecticut court last month to explain photos he had posted to Instagram, showing him with stacks of cash.

The Judge told his lawyers that she had concerns over allegations their client wasn’t truthful about his finances when he filed for Chapter 11.

However, the rapper claimed the mounds of cash he flaunted on Instagram was fake prop money used for photo shoots and said the photos were part of his imaging as a rap artist.

“Hip-hop culture is widely recognized as aspirational in nature. The standard by which artists and fans engage is commonly tied to money, jewelry, products and advertising over social media. Goods and brands are now marketed through social media as an effective way to engage with consumers,” his lawyers said in court filings.

During a July 2015 appearance on Conan O’Brien, 50 Cent told the late night talk show host the reason he filed for bankruptcy, was to protect his finances, the Daily Mail reported.

“Yeah, I need protection, 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,” 50 Cent said.

“So this is a way to protect yourself from lawsuits,’ O’Brien replied.

Jackson replied, “It is, Re-organize things.” The video was later pulled from the Conan website, the Business Insider reported.

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