The rapper, real name Curtis James Jackson III, filed legal documents on Monday in the US Bankruptcy Court in Hartford, Connecticut.
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50 Cent by name...
The papers come just three days after he was ordered to pay £3.2million to Lavonia Leviston.
A jury decided the the ‘Get Rich Or Die Tryin' rapper had intentionally acquired a sex tape she had made with her boyfriend, which he posted online without her permission in 2009.
The rapper has been ordered to show proof of his income and worth so that the jury can deliberate.
The music star, businessman and actor, reported in court papers that he has assets and debts in the range of $10m to $50m (£6.5m- £32m).
Fiddy has sold over 30 million albums worldwide and won several awards, including 13 Billboard Music Awards, a Grammy, six World Music Awards, three American Music Awards and four BET Awards.
He went on to pursue a career as an actor, appearing in the semi-autobiographical film ‘Get Rich Or Die Tryin' in 2005.
He also had many other successful business interests including clothes, boxing, drinks and mining.
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His stake in VitaminWater reportedly netted him tens of millions of dollars when Coca-Cola bought the drinks brand in 2007.
According to reports in the US at the time, the star was thought to have walked away with a figure somewhere between $60 million and $100 million in the deal.
A lawyer for the star said his client's business operations would continue.
"Mr Jackson's business interests will continue unaffected in the ordinary course during the pendency of the Chapter 11 case,'' the lawyer said in a statement.
It added: "This filing for personal bankruptcy protection permits Mr Jackson to continue his involvement with various business interests and continue his work as an entertainer."
Meanwhile, the rapper doesn't seem too bothered by his financial status, declaring on Instagram that it's been his best year ever.
"I can't remember a year that I had this much fun. Just good energy every were I go. #EFFENVODKA #FRIGO#SMSAUDIO," he captioned a pic he shared on Monday surrounded by friends including Chris Brown.
Bankrupt stars
Kerry Katona(01 of11)
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Despite her fortune for her Atomic Kitten days and various relaity TV appearances, Kerry was officially made broke in 2008 when she failed to cough up the final £82,000 of a £417,000 tax bill. A turn as a housemate on 'Celebrity Big Brother' helped her to finally pay off her debts. (credit:Getty Images)
Shane Filan(02 of11)
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The Westlife star and property investor was made bankrupt in June 2012 when the housing market crashed, and left him owing more than €5.5m (£4.45m) to Ulster Bank and Bank of Ireland. (credit:Getty Images)
Martine McCutcheon(03 of11)
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Martine filed for bankruptcy in in 2013, when she amassed debts of £187,000. (credit:Getty Images)
Stephen Baldwin(04 of11)
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When Stephen defaulted on a mortgage payment in 2009, he filed for bankcruptcy claiming he was $2.3m in debt. (credit:Getty Images)
Joe Swash(05 of11)
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The former 'EastEnders' star was made bankrupt by London's High Court in 2009 after he failed to pay a £20,000 tax bill. (credit:Getty Images)
Peter Stringfellow(06 of11)
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Peter lost a reported $20m in 1992 after a failed attempt to crack America. (credit:Getty Images)
Christopher Biggins(07 of11)
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Biggins reckons that going into voluntary bankruptcy 15 years ago was the 'best thing that ever happened' to him. The star was forced into it after work offers slowed down. (credit:Getty Images)
Mike Tyson(08 of11)
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The boxer owed both the US and British governments $17m in taxes, $750,000 to law firms and $300,000 to limo services and became bankrupt in 2004. (credit:Getty Images)
Donald Trump(09 of11)
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He may be a multi-billionaire, but Donald Trump has filed for corporate bankruptcy four times! However, he has never filed for personal bankruptcy. (credit:Getty Images)
Neil Morrissey (10 of11)
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Neil entered into an individual voluntary arrangement (IVA) after a property scheme in which he invested collapsed, leaving him millions of pounds in debt. (credit:Getty Images)
MC Hammer(11 of11)
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One hit wonder MC Hammer's living beyond his means meant he was $13m in debt and filed for bankruptcy in 1996. (credit:Getty Images)