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50 Cent on the verge of resolving his bankruptcy

The enormously successful rapper who goes by the humble moniker "50 Cent" has reached a tentative settlement in his bankruptcy proceedings. The rapper has agreed to pay out $23.4 million to creditors in order to settle the debts at the center of his bankruptcy process. The rapper will make the debt payments with future earnings.

Part of the bankruptcy settlement -- if it is ultimately approved by the court -- will involve the resolution of a $7 million debt owed to his ex-girlfriend. The ex-lover won a lawsuit against 50 Cent over a sexually explicit video he released of her engaging in a sex act with him. The settlement also resolves an $18.1 million debt owed to Sleek Audio and Sunburst Bank regarding a headphone venture, $4 million in mortgage payments owed to SunTrust Banks and $1.2 million owed to ASCAP related to advanced royalty payments.

The debts resolved by the proposed settlement total $32.6 million, so if it is approved, it represents a considerable amount of savings for the rapper. He plans to make the payments with liquidated capital gained through the sale of a property in Connecticut and compensation he will receive from a $75 million malpractice lawsuit. A disclosure statement said that the rapper "believes that reorganization under the plan is feasible and that the plan provides for the greatest recoveries" to creditors.

Ohio residents might have a difficult time imagining million-dollar debts as high as 50 Cent's. Then again, it does not matter the size of the debts when it comes to bankruptcy. What matters is the ability to pay off those debts and satisfy their minimum payments. Kentucky residents who cannot make ends meet financially and who have rapidly increasing debts, may want to consider the bankruptcy as a solution to their debt troubles.

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