DMX Files For Bankruptcy
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.”
The New York MC had been silent on the mic for a few years before he returned in 2012 with a handful of gigs, a slot on the Rock the Bells tour and his seventh studio record, Undisputed.
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.