50 Cent
Rapper 50 Cent reportedly listed assets and debts each in the range of $10m to $50mNoam Galai/Getty Images

After filing for Chapter 11 bankruptcy, US rapper 50 Cent is determined to prove that he is actually struggling financially.

The hip hop star, whose real name is Curtis James Jackson III, has claimed that he is so broke that he owes his grandfather money.

On 13 July, the 40-year-old star filed court papers in the US Bankruptcy Court in Hartford, Connecticut. The Wall Street Journal reported that he declared assets and debts each in the range of $10m (£6.4m, €9m) to $50m ($32m, €46m).

TMZ reports that the Grammy winner was recently ordered to produce a list of his many creditors, and his grandfather, Curtis Jackson Sr. is among them. According to the documents, Fiddy owes his relative $1,737.33.

The documents also revealed that the In The Club hitmaker owes $64,909 to American Express (Credit card), $137,880 to Bentley, and, faces two court judgments totalling more than $23 million.

The singer's 2003 album Get Rich or Die Tryin‍' catapulted him to global fame, but despite selling more than 30 million albums, it was his various businesses that have earned him the majority of his wealth.

In May 2014, Forbes reported that Jackson had a net worth of $140m. The music mogul's successful business ventures include VitaminWater, which Coco-cola acquired in 2007 and most recently he closed a $78 million deal with Frigo Revolution Wear to promote the brand's men's underwear range.

But despite his financial woes Fiddy, who also stars and executive produces Starz series Power, laughed off the bankruptcy during an appearance on Conan O'Brien's chat show.

"You get a bullseye painted on your back when you're successful, and it's public to know you've become the ideal person to have lawsuits for," he said.

Chapter 11 allows companies time to reorganise their finances while protecting them from creditors' demands. The move means that 50 will have more time to pay the $5m penalty he was ordered to pay out in damages in an invasion-of-privacy lawsuit brought by Lastonia Leviston. She took legal action after he posted a sex tape featuring her online.

But according to his lawyer William A Brewer III, it is business as usual.

"Mr Jackson's business interests will continue unaffected in the ordinary course during the pendency of the Chapter 11 case,'' the attorney said in a statement.

It added: "This filing for personal bankruptcy protection permits Mr Jackson to continue his involvement with various business interests and continue his work as an entertainer."