50 Cent Breaks Silence on Filing for Bankruptcy: ''When You're Successful, You Become a Target''

Exclusive! Rapper says ''you don't have to worry''

By Brett Malec Jul 13, 2015 10:01 PMTags

50 Cent is breaking his silence after filing for bankruptcy Monday morning.

"I'm taking the precautions that any other good businessperson would take in this situation," the rapper, real name Curtis Jackson, told E! News exclusively today at his Southpaw junket. "You know 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."

50 filed for Chapter 11 bankruptcy earlier today following a sex tape lawsuit that cost him a pretty large chunk of money. A jury recently awarded Lavonia Leviston $5 million after they determined the hip-hop star leaked a sex tape of her and another man.

"Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy," the hip-hop star continued to E! News. "It means you're reorganizing your finances, but it does stop things from moving forward that you don't want moving forward."

"I gotta descent legal team," he added. "You don't have to worry."

According to the bankruptcy legal docs obtained by E! News, 50 says his assets are valued between $10 million and $50 million and his liabilities are also between the same range. 50 also says the debts are primarily consumer debts and lists his estimated number of creditors as between 1 and 49.

50's attorney William A. Brewer III said in a statement Monday, "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 reorganization of his financial affairs."