50 Cent is ready to tackle his bankruptcy situation with reports claiming the rapper has drafted a repayment plan. The rapper and TV producer was accused of filing for Chapter 11 bankruptcy in a bid to avoid paying damages for leaking a sex tape, but his plan means the victim Lastonia Leviston could pocket millions.
Lawyers submitted the repayment plan to a judge on behalf of 50 Cent, real name Curtis Jackson, stating that he will clear his debts of $23m (£16.1m) to creditors over five years, TMZ reports. The legal documents reportedly list the three main recipients of the repayments with Sleek Audio promised $17.3m and SunTrust Bank set for $4.9m.
The In Da Club rapper will also pay Leviston, an ex-girlfriend of rapper Rick Ross, damages of $6m instead of the $7m a judge originally ordered him to pay in July 2015. 50 Cent, 40, was found responsible for releasing a sex tape starring Leviston without her permission, but he filed for bankruptcy just days after a judge ruled on the settlement.
According to the court documents, 50 Cent states he will also liquidate some of his assets to make the repayments but a judge is yet to agree to the plan. TMZ have published pictures of the rapper partying at the Ace Of Diamonds strip club in Los Angeles on Monday (11 April) where he allegedly dropped $5,000 on the dancers.
The state of the hip hop star's finances have been called into question since he filed for bankruptcy as he has shared several photos and videos on social media of himself surrounded by large wads of cash. In one, 50 Cent can be seen sitting on the floor with stacks of $100 dollar bills formed into the word "Broke", mocking speculation that he is suffering in the money stakes.
A judge ordered 50 Cent to explain the flashy displays and the rapper said the money was fake in order to maintain his hip hop image and reputation. The rapper said in court documents: "Hip-hop culture is widely recognised as aspirational in nature. The standard by which artistes and fans engage is commonly tied to money, jewellery, products and advertising over social media. Products and brands are now marketed through social media as an effective way to engage with consumers."
In March 2016, reports claimed Fiddy had finally sold his Farmington, Connecticut mansion to a nursing home developer for a cool $8m, but a rep told IBTimes UK that the property was still on the market. 50 Cent put the home, previously owned by boxing legend Mike Tyson, up for sale in 2007 for $18.5m but he has since struggled to find a buyer.