50cent declares bankruptcy to avoid paying Rick Ross' baby mama lol

 50cent on Friday July 10th was ordered to pay Rick Ross' baby mama, Lastonia Leviston, the sum of $5 million in damages following his loss in the defamation case. The rapper was  instructed to pay $2.5 million for distress plus $2.5 million in damages. In 2010, at the height of his beef with Rick Rose, he made an unfortunate move of posting Lastonia's sex tape on his website.

## clears throat## so now he's been asked to pay up, 50cent, worth $150million, has declared bankruptcy. Lol. 50 lists nearly $50 million in assets but also $50 million in liabilities. Read the detailed story after the cut...



 

50cent is down for the count after losing a multi-million dollar lawsuit ... he's just declared bankruptcy.

TMZ has confirmed ... 50 filed for bankruptcy on Monday, 3 days after Rick Ross' baby mama won a $5 million jury verdict against him. 

50 is in a world of financial hurt. A jury awarded Lavonia Leviston the $5 mil after determining the rapper intentionally leaked a sex tape in which she was featured, in order to embarrass Ross. 50 has been ordered to produce proof of income and worth so the jury can determine punitive damages. 

According to the bankruptcy filing -- a story first reported by Page 6 -- 50 says his assets are valued between $10 and $50 million but his liabilities are also between the same range. On top of that, 50 lost a court case in which a jury socked him with a $17.2 million judgment over ripping off a headphones design.  

It's a breathtaking fall .. in May, Forbes estimated 50's net worth at $155 million.

Source: TMZ