ALSO READ: 'My lifestyle is fake'- rapper insists he is broke

The details of the deal as reported by TMZ, states that 50 Cent will pay out $23 million to his creditors over the next 5 years.

More specifically, $17 million to Sleek Audio and $6 million to Rick Ross' ex, Lastonia Leviston, for leaking her sex tape.

TMZ reports that 50 Cent had first revealed the deal to his bankruptcy judge back in April but just got approval.

The Candy Shop rapper's attorney revealed to TMZ, saying:

"Mr. Jackson is pleased that the Bankruptcy Court approved his plan of reorganization today, less than one year after filing for chapter 11 to reorganize his financial affairs."

He goes on to add: "Mr. Jackson appreciates the fresh start this process provides."

50 Cent first filed for bankruptcy on July 13, 2015 which came days after a jury directed Mr. Jackson to pay $5 million to Leviston who sued him over her sex tape.

ALSO READ: Rapper's grandfather is one of his creditors

Since then, the controversial rapper has flaunted wealth which he always claimed wasn't his or was fake, but must now be relieved to freely flaunt all his cash without fear of repercussions.