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WATCH: 50 Cent gets candid about his bankruptcy

2015-07-15 13:31

Los Angeles - 50 Cent is "not panicking" after filing for bankruptcy.

The 40-year-old rapper - whose real name is Curtis Jackson - filed for Chapter 11 bankruptcy protection on Monday, claiming he has debts ranging from $10m to $50m - insists he isn't worried about his money troubles.

The In da Club hitmaker told Entertainment Tonight: "I'm not panicking."

Asked about the reaction of his fans to the news, he added: "People love tragedy more than they love good news, no matter how you look at it. The news comes on, and it's 90 percent tragedy."

The star, who was recently ordered to pay $5m to a woman who accused him of posting her sex tape online without her permission, also believes his issues are only temporary and added he is "consistently being made out to be a target because of [his] financial situation."

He added: "I make decisions to do things based on the position that I'm placed in at points.

"I have faith in the court systems, so I know at points you've gotta just relax and go through the process."

50 Cent also poked fun at his situation by posting a photograph of himself standing next to a Smart car on Instagram, with the caption: "Times are hard out here LMAO (sic)"

Times are hard out here LMAO #EFFENVODKA #FRIGO #SMSAUDIO

A photo posted by 50 Cent (@50cent) on

The Candy Shop hitmaker's lawyer William A. Brewer III of Brewer, Attorneys & Counselors, recently claimed he filed for bankruptcy to "reorganise his financial affairs."

In a statement to UsMagazine, the attorney added: "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 reorganisation of his financial affairs."

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