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Connecticut judge OKs bankruptcy plan for rapper 50 Cent

In this Oct. 26, 2011,  photo, rapper and businessman Curtis Jackson III, known as 50 Cent, poses during an interview in New York. (Richard Drew / Associated Press)
In this Oct. 26, 2011, photo, rapper and businessman Curtis Jackson III, known as 50 Cent, poses during an interview in New York. (Richard Drew / Associated Press)
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.

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