Date 07/07/2016 - News People
A federal bankruptcy court judge has approved a plan for rapper 50 Cent to reorganize his finances to pay back creditors.
The rapper filed bankruptcy a year ago after breaking big in the music scene during 2003.
The rapper's filing cited $36 million in debt with less than $20 million in assets.
Under the plan approved by the judge, creditors holding unsecured claims will receive 74 to 92 percent of the money they are owed.
Born as Curtis James Jackson, the rapper must first make a payment of $7.4 million before the bankruptcy plan takes effect.
