Petey Pablo hasn’t had a hit record in over a decade – which may be why the rapper has filed for bankruptcy claiming he has less than $50,000 in assets to his name.
The “Freek-a-Leek” rapper filed for Chapter 13 bankruptcy earlier this month in North Carolina.
Pablo – real name Moses Barrett – has assets in the $0-$50,000 range and liabilities in the same ballpark.
The rapper has not filed the exact debts and assets in the case but his creditors include the IRS, Planet Fitness, Enterprise, Ford Motor Credit, law firms & others.
The new case is the third time the rapper has filed for bankruptcy since 2009. The previous cases were dismissed due to Petey failing to pay on his re-payment plan to creditors, leaving the rapper on the hook for his massive debts.
According to docs filed in his previous bankruptcy in 2009, his liabilities were close to $850,000, and his assets were only around $560,000.
The bankruptcy comes at the same time Petey seems to be making a comeback of sorts, with Terrence Howard personally scoring the rapper for a role on ‘Empire.’ He’s also been working on songs for Howard’s character that are featured on the hit show’s soundtrack.
Petey has had a rough couple years: he was released from federal prison in 2014 after being sentenced to 35 months for attempting to carry a stolen firearm onto an airplane back in 2010.