That is a SERIOUS spending problem! 50 Cent is broke

This has been a BAD week for 50 cent.

Curtis Jackson (aka 50 Cent), filed for chapter 11 bankruptcy protection earlier today.

The court papers that were filed shows that the In Da Club singer’s economic woes are largely due to “consumer debts”. That must have been one serious shopping spree as it was only in May that Forbes had estimated his net worth as €127million.

According to the Wall Street Journal, the 40-year-old reported assets and debts ranging from €9-45 million.

Well, this makes us feel A LOT better about our own overspending problems.

It was only days ago that 50 Cent was ordered to pay a woman €4.5million for releasing her sex tape without her permission.

The 13-minute video was of Lastonia Leviston, the ex-girlfriend of 50 Cent’s nemesis and fellow rapper, Rick Ross. The sex tape includes explicit commentary by Mr Jackson and cuts to a shot of him wearing a wig and playing a character called Pimpin’ Curly.

The hefty sum obviously did more that tug on his purse strings as it was after the lawsuit that the hip hop mogul filed for bankruptcy.