It’s being reported today that hip-hop mogul 50 Cent has filed for Chapter 11 bankruptcy after losing his recent lawsuit to Lavonia Leviston, Rick Ross’ baby mother, following the leaked sex tape that 50 was responsible for. Curtis was ordered to pay $5 million and also submit proof of income to ensure the correct punishments could be handed out.

According to Page Six, 50 Cent has $10-$50 million in assets and another $10-$50 million in liabilities, leaving his creditors between 1 and 49. You might be thinking, what happens when you file for bankruptcy? Well, you file a legal status specifying that you cannot pay your debts and anything that is not seen as essentials in your home and excess income is used to pay off the money you owe. For anyone, filing for bankruptcy is a big step to take. So if this is something you are considering to help resolve your debts, be sure to do your research before committing to anything.

In 50 Cent’s case, a Chapter 11 bankruptcy is usually filed when an individual is trying to reorganize and restructure debts, so this situation doesn’t mean that 50 is broke, necessarily. Basically, 50 is saying that on paper, he can’t afford the $5 million he owes Ms. Leviston because of where his money is tied into.

What do you make of this bankruptcy filing? Smart or desperate? Weigh in below.