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50 Cent resolves bankruptcy case, judge approves reorganization plan

A judge has approved plans to help close Fif's case.

Dennis Van Tine // Dennis Van Tine/Geisler-Fotopres/dpa/Corbis

It’s his birthday and today (July 6) 50 Cent can say he’s officially laughing straight out of the bank ...ruptcy.

The rapper, who turns 41 today, is reportedly all smiles after a federal bankruptcy court judge in Connecticut signed off on a deal for his Chapter 11 reorganization plan. According to the Hartford Courant, 50, who filed for bankruptcy a year ago after citing debts of $36 million and assets of less than $20 million, will have to make a $7.4 million payment to begin the process.

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Over the course of this plan, the rapper, born Curtis Jackson, will pay $23.4 million in cash over the course of five years, equivalent to between 74% to 92% of the amount of the various claims against him. Sleek Audio will receive $17 million and Lastonia Leviston, a woman whose sex tape Fif made public, will get $6 million. Both parties won lawsuits against the rapper after the former sued for a reported breach of contract and the latter won a defamation case.

U.S. Bankruptcy Judge Ann Nevins noted in court that the rapper "has a significant ability to generate income."

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Meanwhile, an attorney for 50 told TMZ, "Mr. Jackson is pleased that the Bankruptcy Court approved his plan of reorganization today, less than one year after filing for chapter 11 to reorganize his financial affairs." The lawyer also added, "Mr. Jackson appreciates the fresh start this process provides."

The latest update in this case is certainly a big birthday reward for the rapper.

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