50 Cent Files For Bankruptcy Following Sex Tape Suit

Looks like 50 Cent may be living up to his name...

As reported by E! News- The 40-year-old rapper 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 a $5 million win after they determined the hip-hop star leaked a sex tape of her and another man.

Following 50's loss in court, he's filed papers to the U.S. Bankruptcy Court in Connecticut.

According to legal docs obtained by E! News, 50, real name Curtis Jackson, says his assets are valued between $10 million and $50 million but his liabilities are also between the same range.

50's attorney,William A. Brewer III, put out a statement saying,"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."

This tells me that 50 has something up his sleeves. With business venture that span across his own Vodka (Effen) to a hit television show (Power), he definitely doesn't have a shortage of money. It looks like we'll have to wait and see how this one plays out.