Twitter and the rest had a lot of fun with 50 Cent declaring bankruptcy.
But during a press junket to promote his new movie Southpaw, 50 said going Chapter 11 was simply the prudent move given his current financial situation.
"I'm taking the precautions that any other good businessperson would take in this situation. You know when you're successful and stuff, you become a target. I don't wanna be a bulls eye. I don't want anybody to pick me as the guy that they just come to with astronomical claims and go through all that." "Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you're reorganizing your finances, but it does stop things from moving forward that you don't want moving forward. I gotta decent legal team. You don't have to worry."Earlier this year, Forbes had listed 50 Cent as being worth $150 million. However, in court filings yesterday, Fif declared his assets between $10 and $50 million -- the same as his debts.
On Friday, a jury decided that 50 must pay Rick Ross's baby mama Lavonia Leviston at least $5 million for leaking her sex tape in 2009. That number could swell this week when the jury calculates punitive damages.
In December, 50's personal bank account was frozen because he still hadn't paid the $17.2 million judgement that went against him in his legal battle with Sleek Audio, who accused Fif of stealing their headphone design and marketing.
Two months ago, 50 Cent's boxing company SMS Promotions declared bankruptcy.
While Fif's financial future is suddenly in question, at least he still has his sense of humor: