If 50 Cent was trying to avoid having to pay out the sex tape suit he just lost by declaring bankruptcy, that gambit hasn't worked.

A U.S. Bankruptcy Court judge has ruled that the punitive damages portion of the lawsuit Rick Ross’s baby mama Lavonia Leviston won against 50 earlier this month can go on.

That means Fif is on the hook for the $5 million Leviston has already been awarded, plus whatever punitive damages the jury finds next week. Punitive damages in a case like this could range from nothing to tens of millions of dollars.

In his bankruptcy filings, Fif reported about $28 million in debts with personal assets of no more than $15 million.

Some have doubted the veracity of that, claiming 50's net worth is closer to the $150 million  -- heavily based on his Vitamin Water windfall -- that Forbes had him at earlier this year.

We guess we'll know for sure when 50 either can or can't pay the multiple multi-million dollar lawsuits that have gone against him.

If he can't, he will have to file for Chapter 7, Scott Storch-style bankruptcy.