The rapper-actor, whose real name is Curtis Jackson III, filed for Chapter 11 bankruptcy protection in US Bankruptcy Court in Hartford. He owns a 50,000-square-foot mansion in nearby Farmington.
The filing lists both the assets and liabilities for the 'Get Rich or Die Tryin' artist as between USD 10 million and USD 50 million and indicates his debts are primarily consumer and not business related.
The filing comes after a New York jury on Friday ordered Jackson to pay USD 5 million to a woman who said he acquired a video she made with her boyfriend, added himself as a crude commentator and posted it online without her permission.
"Mr Jackson's business interests will continue unaffected in the ordinary course during the pendency of the Chapter 11 case," attorney William A Brewer III said in a statement.
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"This filing for personal bankruptcy protection permits Mr Jackson to continue his involvement with various business interests and continue his work as an entertainer," he said.
He makes explicit remarks about the images and taunts rap rival Rick Ross, who isn't in the video but had previously had a daughter with Leviston. At the time the video surfaced, Ross and 50 Cent were trading barbs via video, lyrics and interviews.
Jackson got the tape from the man in it, Leviston's boyfriend at the time. The rapper said that he didn't actually post the video but that Leviston's then-boyfriend said she wouldn't mind if he did.
50 Cent burst to the fore of gangsta rap with 2003's 'Get Rich or Die Tryin', its lead single, 'In Da Club', and a tough life story that included having been shot nine times. Jackson is an admitted former crack dealer who has built an empire beyond entertainment. He invested early in Vitamin Water and has expanded his business interests into clothing and audio equipment.