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DMX has filed for Chapter 11 bankruptcy protection. Reportedly, the Yonkers rapper owes $1.24 million in child support, among other sizeable debts, but his assets total less than $50K.
The 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.
According to DMX's press representative, the bankruptcy filing is necessary for X to start touring overseas.
"DMX's financial strains have been inhibiting his career for several years," says Domenick Nati via a press statement. "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. We are currently planning a tour in Europe and Africa for the fall of 2013."