Is it too late to fix his life?
DMX Files For Bankruptcy
DMX filed for Chapter 11 bankruptcy protection, court records show, days after his arrest on suspicion of driving under the influence.
Via 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 said in court papers that he filed for Chapter 11 bankruptcy, which is available to both businesses and consumers, “to enable me to reorganize my financial affairs.”
The New York native and current South Carolina resident owes $1.24 million in child support and more than $21,000 on an auto lease, among other obligations. His principal asset is a 50% stake in property in Mount Kisco, N.Y.
DMX was arrested last Friday in South Carolina for suspicion of driving under the influence and for failing to have a valid driver’s license, according to Reuters. However, a representative for DMX said the rapper was never charged with a DUI because he passed a breath test in jail and was quickly released after posting $1,235 in bail.
UPDATE: Domenick Nati, a representative for DMX, contacted Bankruptcy Beat Tuesday morning to provide this 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 [sic]. We are currently planning a tour in Europe and Africa for the fall of 2013.”
Keep DMX in your prayers because Jesus, Allah and Buddha need to take the wheel!
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