Judge approves 50 Cent's bankruptcy plan

Rapper 50 Cent is one step closer to resolving his bankruptcy troubles after a Connecticut judge signed off on his proposed payment plan.

The In Da Club star, real name Curtis Jackson, filed for bankruptcy last year (Jul15) and he reportedly owes a string of creditors a total of over $30 million.

In March (16), the 40-year-old reached a deal with creditors to pay around 74 per cent of what he owes by pledging to use $23.4 million of his future earnings, including profits from the sale of his Connecticut mansion, to help settle his debts.

The case returned to court this week (begs16May16), when Judge Ann Nevins gave her initial approval to the agreement and set the next hearing for 6 July (16), when 50's creditors will have the chance to vote on whether to accept or reject the deal.

The hip-hop mogul is still trying to offload his 52-room Farmington, Connecticut property, which was once owned by boxer Mike Tyson.

He was recently rumoured to have sold the pad for $8.5 million to a buyer who planned to turn it into an assisted living facility, but his representative denied the reports, insisting interest has been shown from a number of potential buyers, but no papers had been signed. The pad is still on the market.