50 Cent Finally Resolves Bankruptcy Case; Pays $22 Million to Debtors

After a long legal battle, 50 Cent is finally debt free. On Thursday (Feb. 2), bankruptcy judge Ann Nevins discharged the entertainment mogul’s bankruptcy case after he paid over $22 million to settle his debts.

According to the Hartford Courant, 50, whose real name is Curtis Jackson, had debts up to $36 million with assets worth less than $20 million.

Last April, Fif and his attorneys filed court documents with hopes of paying out $23 million to creditors over the next five years. Part of the agreement gave him a discount for paying early. The money would be spread out among the three plaintiffs: Sunburst Bank (approximately $4.9 million), Sleek Audio ($17.5 million) and Rick Ross’ baby mama, Lastonia Leviston ($6 million). 50 Cent also said that he will liquidate some assets to cover the debts.

50 paid $7.4 million initially, then paid another $1.3 million. Up to 70 percent of the proceeds from a malpractice lawsuit also went into the settlement as well. Jackson opted to provide the full amount and negotiated a further discount from the creditors. That increased the payment from the settlement to $13.65 million.

50 Cent's mansion in Farmington, Conn., was also added to the settlement, but now that is off the table. It still up for sale, however, for $6 Million.

"We appreciate the efforts of the Court and everyone that participated in successfully resolving this matter on such an accelerated schedule," said 50's attorney, Stephen J. Savva.