50 Cent I'm Busted Declares Bankruptcy

Breaking News

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50 Cent 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.