DMX Files For Bankruptcy
It’s looking like more unfortunate news for DMX, who last week was arrested for a DUI in South Carolina. The rapper has filed for Chapter 11 bankruptcy with court documents revealing that his debt ranges from $1 million to $10 million.
According to the Wall Street Journal, X filed for bankruptcy in a Manhattan court on Monday, July 29. His petition reveals that he has less than $50,000 in assets with substantial debt issues including owing $1.24 million in child support.
The decision to file for bankruptcy stems from a need to “enable me to reorganize my financial affairs,” X wrote in the court papers. To further explain this move, a representative for the New York native issued the following 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.”’
The representative also placed the blame for the lack of child support payments on X’s previous managers.