Florida fans of rapper 50 Cent may already know that his net worth was last estimated to be somewhere in the neighborhood of $155 million. That may be why some were surprised to hear that he recently filed for Chapter 11 bankruptcy protection. His attorney released a statement indicating that the rapper -- whose real name is Curtis Jackson -- needs the time to make some financial decisions in order to reorganize his finances without the interference of his creditors.
As the bankruptcy progresses, Jackson believes he will be able to continue pursuing his career as an entertainer and remain involved in his business interests. Like any Florida company that has filed Chapter 11, Jackson will be required to put together a reorganization plan that will be presented to the court for approval. If approved, Jackson will make payments under the plan for a specified amount of time.