DMX filed for Chapter 11 bankruptcy yesterday in Manhattan, claiming he has just $50,000 in assets and between $1 and $10 million in debt, The Wall Street Journal reports.
According to court papers, DMX owes $1.24 million in child support and more than $21,00 on an auto lease along with other outstanding loans. His primary asset is a 50 percent stake in property in Mount Kisco, New York. Filing for Chapter 11, the rapper – real name Earl Simmons – hoped would "enable me to reorganize my financial affairs."
DMX filed for bankruptcy just days after he was arrested on suspicion of driving under the influence and without a driver's license in South Carolina. The MC, however, passed a breathalyzer test in jail and was released without being charged after posting $1,235 in bail.
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