(AllHipHop News) 50 Cent filing for Chapter 11 bankruptcy does not mean the Hip Hop mogul is broke, but he does owe a lot of money to several different parties. TMZ has gained access to the list of 50's creditors that was given to the bankruptcy judge.
[ALSO READ: 50 Cent Talks Making Fun Of Himself, Warns Others About Clowning His Bankruptcy Situation]
According to court documents, the G-Unit boss owes $137,880 to Bentley, $64,909 to American Express, $1,737 to his own grandfather, and others. 50 is also on the hook for a total of $23 million from two separate lawsuits. He lost a nearly $17 million suit to Sleek Audio in 2014, and a jury recently awarded $5 million to Lastonia Leviston after she sued 50 for releasing a sex tape of her online.
"I think we're very clear in our papers that he's engaged in numerous tactics to delay the eventual entry of a judgment in the state court litigation," Elizabeth Austin, Leviston's attorney, told The Washington Post. "We believe this bankruptcy is yet another one of those tactics."
While the legal situations play out, the public should understand exactly where 50 stands financially. Forbes calculated 50 Cent's net worth to be close to $155 million. California bankruptcy attorney Mark Markus explained to Mashable why 50's bankruptcy filings does not equal him hurting for money.
"In Chapter 11 in particular, one usually has many assets — in fact, Chapter 11 is used to protect those assets while repaying creditors what they would get if the assets were liquidated," said Markus. "So those who file Chapter 11 are definitely not broke."
[ALSO READ: 50 Cent Jokes About Filing For Bankruptcy (PHOTO)]
Filed under: News Tagged: 50 Cent, bankruptcy, Lawsuit
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