HARTFORD, Conn. (AP) – A federal bankruptcy court judge in Connecticut on Wednesday approved a plan for 50 Cent to reorganize his finances and pay back creditors.
The rapper who burst onto the music scene in 2003 with his debut album, “Get Rich or Die Tryin,” filed for bankruptcy a year ago, citing debts of $36 million and assets of less than $20 million.
The rapper will make a $7.4 million payment to begin the bankruptcy plan approved Wednesday, The Hartford Courant (http://cour.at/29nJllR ) reports.
The rapper, whose real name is Curtis James Jackson III, owns a mansion in Farmington.
Under the plan approved by the judge, creditors holding unsecured claims will receive 74 to 92 percent of the money they are owed, depending on how quickly 50 Cent makes the payments.