50 Cent Explains Why He Filed For Bankruptcy

With a hit song like “I Got Money” and a slew of business deals, 50 Cent filing for chapter 11 bankruptcy protection (July  13) was a shock. While on a press run for his upcoming film, Southpaw (In Theaters July 24th, 2015)the Power star clarified why he filed.

“I’m taking the precautions that any other good businessperson would take in this situation,” he told E! News. “You know when you’re successful and stuff, you become a target. I don’t wanna be a bulls eye. I don’t want anybody to pick me as the guy that they just come to with astronomical claims and go through all that.”

[ALSO READ: 50 Cent Jokes About Filing For Bankruptcy (PHOTO)]

After losing two lawsuits that are going to cost him a pretty penny, Fif is trying to get his monies in order.

“Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy,” he said. “It means you’re reorganizing your finances, but it does stop things from moving forward that you don’t want moving forward…I gotta descent legal team. You don’t have to worry.”

A judge ruled last week that the hip-hop mogul has to pay Lastonia Leviston, Rick Ross’ ex, $5 million after it was determined that he intentionally leaked a sextape of her and her ex-boyfriend. Fifty also lost another lawsuit to Sleek Audio after it was ruled that he stole a headphone design from them and had to dish out $17.2 million.

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