Tuesday, July 14, 2015 2:58am ET by  
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50 Cent confirms bankruptcy move: 'I'm just taking precautions'

50 Cent has broken his silence after it emerged he has filed for bankruptcy.

As previously reported, the US star reported assets and debts each in the range of $10 million to $50 million when filing papers at the US Bankruptcy Court in Hartford, Connecticut on Monday (July 13).

In a new interview with E!, the rapper played down the move, stating that he was just "reorganising" his finances.

The news came days after 50 Cent was ordered to pay $5 million (£3.2 million) to a woman who featured in a sex tape that he leaked online without her permission.

The rap man said: "I'm taking the precautions that any other good businessperson would take in this situation. 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."

He added: "Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy. It means you're reorganising your finances, but it does stop things from moving forward that you don't want moving forward.

"I gotta decent legal team. You don't have to worry [about me]."

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