Days after rapper DMX is arrested for suspicion of driving under the influence, he files for bankruptcy. Yesterday, DMX filed for Chapter 11 in Manhattan, and the Wall Street Journal reports:
Filed Monday in the Manhattan bankruptcy court, the Chapter 11 petition of Earl Simmons, aka DMX, lists less than $50,000 in assets and $1 million to $10 million in debt.
The rapper claims he is filing bankruptcy so that he can reorganize his financial affairs and get back on track.
Below you will find further documents pertaining to DMX's filing.
Apparently, DMX owes $1.24 million in child support and over $21,000 on an auto lease, among other things. His main asset is 50% ownership of a property in Mount Kisco, N.Y.
Domenick Nati, who represents the rapper, released a statement to Bankruptcy Beat saying:
DMX's financial strains have been inhibiting his career for several years. Poor financial management by prior representation have caused him to be ineligible to retain a passport. The purpose of this bankruptcy filing is for reorganization so he can perform for his fans overseas. We are currently planning a tour in Europe and Africa for the fall of 2013." ~Domenick Nati (Nati Celebrity Services)
Well, we hope everything picks back up for the rapper soon!