50 Cent has confirmed reports he has filed for bankruptcy protection, but insists he's just taking precautions as a "good businessman" should.
The rap superstar filed documents in the U.S. Bankruptcy Court in Hartford, Connecticut on Monday (13Jul15) under his real name, Curtis Jackson, but he's keen to assure fans he isn't struggling to pay his bills.
Breaking his silence following the shocking news, the rapper tells Eonline.com, "I'm taking the precautions that any other good businessperson would take in this situation. When you're successful and stuff, you become a target. I don't wanna be a bulls eye. I don't want anybody to pick me as the guy that they just come to with astronomical claims and go through all that."
The Chapter 11 bankruptcy filing comes days after he was ordered to pay Lavonia Leviston $5 million (GBP3.3 million) after a jury determined the hip-hop star leaked a sex tape featuring her and another man as part of his Pimpin' Curly spoof video.
50 Cent adds, "Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you're reorganising your finances, but it does stop things from moving forward that you don't want moving forward.
"I gotta decent legal team. You don't have to worry (about me)."
According to the bankruptcy legal documents, 50's assets are valued between $10 million (GBP6.7 million) and $50 million (GBP33.3 million) and his liabilities are between the same range. The rap star insists the money owed is "primarily consumer debts", and lists his estimated number of creditors between one and 49.
A statement from his attorney William A. Brewer III reads: "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 reorganisation of his financial affairs."