PETTY WAP: 50 Cent Breaks Silence On Bankruptcy & Flaunts His Cash

50 Cent has broken his silence about his bankruptcy filing.  And his reasoning is exactly what we thought.  Find out what he said inside...

Before promoting his new movie SouthPaw last night at an ESPN screening at L.A. Live (pictured above), Curtis Jackson explained why he's suddenly going the bankruptcy route. If the timing seems suspect to you -- the filing coming just days after he was ordered to pay $5 million to his rival's ex over leaking her sex tape -- you're definitely on target.

Fifty, who has lived on numerous Forbes rich folks lists for years, could more than afford $5 milli.  It's pocket change to him.  But it seems he'd rather file for bankruptcy and deal with the public scrutiny and legal fees that come with that, than pay his rival's ex a dime.  The bankruptcy freezes his assets so he's conveniently allowed to not pay creditors during the bankruptcy period, and eventually many of the debts may get erased in part or completely.  Some call it petty, come call smart.

"I'm taking the precautions that any other good businessperson would take in this situation," 50 told E! News at his Southpaw junket Monday. "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."

Just like we thought, he's using Donald Trump as his blueprint saying, "Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy.  It means you're reorganizing your finances, but it does stop things from moving forward that you don't want moving forward."

Meanwhile, just a couple weeks ago, 50 showed up to his The Pool After Dark party in Atlantic City with WADS of cash sticking out of his pocket:

His approximate 49 creditors he claims he owes will not be pleased.  He's a funny dude...

 

Photos: Getty

source: theybf