Every time DMX seems like he’s getting his life together, something happens to knock him back a few steps. After being arrested earlier in the week, the former platinum-selling rapper filed for Chapter 11 bankruptcy in a New York City court July 29.
According to reports from The Wall Street Journal, the man known as Earl Simmons filed documents stating that he had about $50,000 worth of assets while having debt between $1 and $10 million. DMX justified filing for Chapter 11 by saying it would enable him to reorganize his financial affairs. A lot of the debt DMX is in comes from back child support. he owes a little over a million dollars in child support. Another major part of the debt comes from X leasing cars. He owes $20,000 in car payments, which is crazy for someone who hasn’t had a legit license in a long time.
DMX’s publicity rep released a statement, “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 oversees. We are currently planning a tour in Europe and Africa for the fall of 2013.”
Things were looking up for DMX recently when he delivered his seventh studio album called “Undisputed.” While it was his seventh album, it was his first as an independent artist. Still, the project debuted on the charts in the Top 20.
Hopefully, DMX can get himself back on track soon.
Like The Wiz on Facebook to stay updated with the latest breaking, entertainment news and original interviews!
- Rick Ross Takes Stand For Trayvon Martin With New Track “I Wonder Why!” [Explicit Lyrics]
- Why Was Kanye West Denied A Feature On Tyler The Creator Album??? [Video]
- Terrible Tuesday:Foxy Brown can’t pay for her WEAVE!
- Vine Comp Of The Week!!! (Video)
- Justin Bieber Tour Bus Seized Over Drugs???
- Sneaker Alert: Air Jordan Retro 3 “Fire Red”
- Dj Khaled Featuring Nicki Minaj, Future & Rick Ross – I Wanna Be With You