50 Cent has received permission to begin his bankruptcy plan, as he aims to pay back his creditors and get his financial affairs in order.

The New York rapper and vitamin water mogul – real name Curtis James Jackson III – filed for bankruptcy protection in July 2015, three days after he was ordered to pay $7m to the woman whose sex tape he posted online.

He cited debts of $36m and assets of under $20m at the time.

On Wednesday, a Connecticut federal bankruptcy court judge gave the 41-year-old the green light to begin making good on an arrangement to reimburse creditors holding unsecured claims.

Jackson will initially make a $7.4m payment in cash and looks set to cover 74% to 92% of his debts over a five year period, depending on his rate of payment.

Jackson said he would generate most of the additional money by selling his Connecticut mansion, which he purchased from Mike Tyson in 2003.

The biggest claim stands at over $17.5m from the investors in his failed Sleek Audio headphone venture.

Lastonia Leviston, the woman who won an invasion-of-privacy law suit against the star accusing him of adding crude commentary to a sex video she had made with her boyfriend and publishing it online, has now agreed to take $6m.

Jackson motivation for leaking the tape was to antagonise fellow rapper and entrepreneur Rick Ross, who previously dated and has a child with Leviston.

50 Cent's wealth was estimated at $100m back in 2007.

Last July, he had claimed in court that his lifestyle was all for show, with the hip-hop star says he had gone so far as to borrow expensive jewellery back up a public image of wealth.

Following this week's deal being struck, Jackson took to Instagram to comment: "Oh now I remember where I put that money."