In breaking news Monday, well-known rap artist 50 Cent has filed for Chapter 11 bankruptcy in Connecticut on Monday, July 13, according to an article in the Wall Street Journal.

Rapper 50 Cent Declares Bankruptcy After Sex Tape Award

Based on court documents, 50 Cent (aka Curtis James Jackson III)’s “debts are primarily consumer debts.” Of note, 50 Cent reported both assets and liabilities in the range of $10 to $50 million.

The rapper must have some pretty expensive tastes or a string of tough luck with the bookie over the last few months, as Forbes listed him as worth $155 million in  its most recent list.

Also of interest, 50 Cent’s boxing promotions firm (SMS Promotions) filed under Chapter 11 of the bankruptcy code just a few months ago.

Brief look at 50 Cent’s past income

Media sources point out that the sale of the rapper’s stake in VitaminWater resulted in close to $100 million after taxes when Coca-Cola acquired the brand in 2007.

Moreover, there was a big PR campaign at the end of last year announcing 50 Cent’s long-term $78 million deal with FRIGO Revolution Wear to promote  the firm’s underwear.

Owes $5 million in award for sex tape lawsuit

Last Friday, a jury awarded $5 million to Lastonia Leviston in her lawsuit against 50 Cent. Leviston claims the rapper got a hold a sex tape she made with her boyfriend at the time, which 50 Cent overdubbed in 2009 to create 13-minute video featuring him as commentator, Pimpin’ Curly, taunting Leviston and rapper Rick Ross. Leviston has a daughter by Ross.

50 Cent acquired the 2008 tape from the man in the video, who was Leviston’s boyfriend at the time. The rapper’s legal team argued that 50 Cent did not actually post the video, and that Leviston’s then-boyfriend said she would not care if he did, and he thought that was good enough.

According to media accounts, 50 Cent testified in sworn pre-trial questioning that was played for the jury that the Pimpin’ Curly character was only “joking” when referring to Leviston as a “porn star.”