Connecticut judge OKs bankruptcy plan for rapper 50 Cent

Wed., July 6, 2016

Associated Press

HARTFORD, Conn. – A federal bankruptcy court judge in Connecticut has approved a plan for 50 Cent to reorganize his finances and pay back creditors.

The rapper who burst onto the music scene in 2003 with his debut album, “Get Rich or Die Tryin,” filed for bankruptcy a year ago, citing debts of $36 million and assets of less than $20 million.

The Hartford Courant reported that the rapper will make a $7.4 million payment to begin the bankruptcy plan approved Wednesday.

The rapper’s real name is Curtis James Jackson III. He owns a mansion in Farmington.

Under the plan approved by the judge, creditors holding unsecured claims will receive 74 to 92 percent of the money they are owed, depending on how quickly 50 Cent makes the payments.

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are tax deductible.

Meet Our Journalists

Jesse Tinsley

Meet Jesse Tinsley. As a certified drone pilot, this veteran Spokesman-Review photographer often can be seen capturing beautiful aerial photographs of our region. Sometimes though, the job requires getting down with the dogs.
Jim Meehan

Jim Meehan is no stranger to Zag Nation. As the lead writer covering the Gonzaga men’s basketball team, he tells the stories behind the game and gets fans a bit closer to their favorite players.
Molly Quinn

There is no artist in Spokane like Molly Quinn. Her whimsical style is instantly recognizable to readers of The Spokesman-Review. She has painted gorgeous illustrations that instantly elevate the journalism accompanying it. She brings to life the stories that defy photography. She makes our pages better.
Rob Curley

Spokesman-Review editor Rob Curley loves to talk with people and learn about their lives, whether it's a best-selling author or a stranger he meets downtown on his walk to lunch. It's that inquisitive nature combined with a playful sense of storytelling that helps make our newspaper different than most.