LOS ANGELES — Although 50 Cent filed for bankruptcy this week, the veteran rapper is by definition not broke.

50 — born Curtis James Jackson III — specifically filed for Chapter 11 bankruptcy, a strategy employed mainly by corporate entities (think Lehman Brothers and General Motors) to reorganize finances and pay off debts while remaining in control of business operations.

"In Chapter 11 in particular, one usually has many assets — in fact, Chapter 11 is used to protect those assets while repaying creditors what they would get if the assets were liquidated. So those who file Chapter 11 are definitely not broke," Mark Markus, a California bankruptcy attorney since 1991, explained to Mashable.

"What they are is insolvent, which means unable to pay all one's debts as they become due, and that is precisely what the bankruptcy laws are designed to address," he added.

Details about Jackson's assets and debts are paltry, but in a statement emailed to Mashable, his legal team at Brewer, Attorneys & Counselors said the bankruptcy filing "allows Mr. Jackson to reorganize his financial affairs as he addresses various professional liabilities and takes steps to position the future of his various business interests."

Jackson, 40, has an enviable business resume that blossomed after he founded G-Unit Records in 2003, subsequently launching more companies, attracting endorsement deals, investing in stocks and real-estate, and engaging in other endeavors that hit a high point in 2007 when he raked in $100 million for the sale of Vitaminwater's parent company.

Just this year, two months before Monday's bankruptcy filing, Jackson was ranked fourth on Forbes' "Hip-Hop's Five Wealthiest Artists 2015" list with a $155 million net worth. Only Diddy, Dr. Dre and Jay Z, in that order, ranked ahead of 50 Cent.

A suited Jackson seemingly shrugged off his financial situation Monday evening in an Instagram photo that included hashtags for three business ventures he has a stake in: Effen (vodka), Frigo (underwear) and SMS Audio (electronics). "Times are hard out here LMAO #EFFENVODKA #FRIGO #SMSAUDIO" reads the caption.

Times are hard out here LMAO #EFFENVODKA #FRIGO #SMSAUDIO A photo posted by 50 Cent (@50cent) on Jul 13, 2015 at 9:43pm PDT

Corporations he is involved in will not be affected by the Chapter 11 filing, Markus said: "Typically when you file a bankruptcy case like a Chapter 7 or Chapter 13, a trustee is appointed who is in charge of whatever goes on — the operations of any businesses or things like that. In a Chapter 11, it's different. In a Chapter 11, the person who files is the trustee; [he is] what is known as a debtor in possession. The purpose of that is to allow [him] to continue managing [his] affairs while in the bankruptcy case."

Jackson filed for Chapter 11 instead of a Chapter 7 or Chapter 13 because he has either more than $383,175 of non-contingent, liquidated unsecured debts or $1,149,525 of non-contingent, liquidated secured debts. His attorneys didn't immediately provide specifics, but the U.S. Bankruptcy Court filing (partially shown below) vaguely revealed — via checked boxes — that both his assets and debts fall between $10 million to $50 million.

"[Chapter 11] doesn't have anything to do with being a celebrity," Markus said. "It's basically for people who don't meet the debt limits of Chapter 13 and who have more assets than they can protect in a Chapter 7."

What's next for Jackson now that he's filed for Chapter 11? In general, he will meet with the Office of the U.S. Trustee and face a status hearing with the court in the coming months before deadlines are set for creditors to file claims and for Jackson to file a payment plan and disclosure statement, Markus said. Then, creditors will vote on his proposal.

"There can be hundreds of things in between there — it's impossible for me to list every conceivable thing that could go on in a Chapter 11 case, but those are the basic steps," Markus emphasized. "These Chapter 11 cases can typically go on for years before a plan even gets approved."

Existing litigation could slow down Chapter 11 bankruptcy proceedings, and vice-versa.

Jackson's filing notably comes amid a legal years-long privacy dispute between him and Lastonia Leviston over sex tape of her posted online. This week's bankruptcy efforts reportedly will halt the lawsuit and collection of the $5 million that jurors recently ordered Jackson to pay.

With a Chapter 11 approval process that could potentially take years to complete — and a payment plan likely to stretch out even longer — there's no telling just yet how long it will be until Jackson resolves his financial fiasco.

"You can propose a plan that can pay for 5,000 years if you wanted to, but nobody's going to vote for it. It's really up to what the creditors vote for and ultimately what the judge approves," Markus said. "One of the things you'll have to prove is that you're going to be likely to make the payments you're proposing to make. So the longer in the future the payments are, the harder it's going to be to satisfy that burden.

"It's one thing to say you're going to make payments for five years to somebody. It's another thing altogether to prove that you're going to have sufficient income to do it for the next 30 years. It really depends on the type of debt and his income."