By Robert Stitt
Curtis Jackson, better known as 50 Cent, is bankrupt. He filed for bankruptcy in 2015, claiming then that the $185,000 he made each month was not enough to overcome his $33 million in debt since he only had $25 million is assets. At that time, he owed over $1 million in child support.
While the rapper currently only pulls in tens of thousands of dollars each month, his expenses run in the hundreds of thousands. How do you end up with that kind of debt?
Mortgage: 35,000 Child support: 24,000 Insurance: 15,000
Security: 14,000 Leases: 11,400 Cars: 10,400
These are just a few of the many expenses he has on a monthly basis, and they do not include the one-time expenses like lawsuits (of which he has several) and the accumulating debt that just keeps piling up.
Bossip reports that he has over $7 million in the bank, but he still owes over $30 million. His creditors want a piece of that pot before he throws it all away. Several of his major creditors have presented a plan to the bankruptcy judge. Sleek Audio, SunTrust Bank and Lastonia Leviston banded together and found a way 50 could pay them back.
50 said their plan is in direct violation of the U.S. Constitution’s 13th Amendment, which bans slavery and involuntary servitude. 50 says “a near-indefinite period of involuntary indentured servitude” where he has to work solely for the creditors’ benefit is strictly unconstitutional.
If 50 Cent wins this battle, there is going to be a run on the courts. After all, don’t we all work day and night to pay our creditors for a “nearly-indefinite period”?