Rapper and entrepreneur Curtis Jackson III, popularly known as 50 Cent, filed for Chapter 11 bankruptcy on July 13, according to a report by USA Today.

The renowned entertainer said his filing for Chapter 11 bankruptcy was made as a precautionary measure to protect his wealth. His bankruptcy documents show that his assets and debts range between $10 million and $50 million. 50 Cent’s attorney stated that applying for bankruptcy protection allows his client to proceed with his work as a businessman and entertainer while taking care of his fiscal affairs.

His decision to file for bankruptcy came after a jury ordered him to pay $5 million to a woman who filed a case against him over a video that was posted without her consent.

Bankruptcy is not just a means to manage your financial problems; it can also be an effective way to protect your assets and secure your financial welfare. Our team of bankruptcy attorneys at Gagnon, Peacock & Vereeke, P.C., can help you make an informed financial decision. To learn more about the process of filing for bankruptcy, call our Dallas offices at (214) 824-1414 today.