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50 Cent Files For Bankruptcy

The rapper says his assets are in the $10-50 million range, but so are his debuts.

50 Cent has made a lot of money during his career, but he may be facing financial trouble now.

On Monday (July 13), Fif filed for Chapter 11 bankruptcy in a Connecticut court, according to The Wall Street Journal. The official court documents have 50 listing both his assets and debts in the $10-50 million range.

The news comes just days after the rapper was ordered to pay $5 million to Rick Ross' daughter's mother for the release of a sex tape online.

In May, Forbes listed 50 as one of hip-hop's richest figures, with a net worth of $155 million. And while he may not have that much, but he also may not be broke in the way that we think of the term. Filing for bankruptcy can give people and businesses a chance to reorganize their assets and debts, and take a new approach to paying them.

“This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs,” William A. Brewer III, 50's counselor, said in a press release, according to Forbes.

Plenty of people online were mocking the star ("50 Cent is worth 50 cents" type stuff), but quite a few others aren't quite buying 50 as a guy who can't buy anything.

Fif, too, doesn't seem too worried. This morning, he posted a photo on Instagram promoting his Effen Vodka -- one of his many companies.