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In a real-life situation that sounds more like a tired old country song than the latest hip-hop single, rapper DMX has $50 in his pockets and nothing in the bank.
New court filings in the bankruptcy case of Earl Simmons, aka DMX, show the rapper has little to report in the way of assets as well as expenses that exceed his monthly income.
One of the top-selling hip-hop artists ever, DMX now says he's down to $50 cash on hand. Not only does he report, under penalty of perjury, that he has zero dollars in the bank, but he also denies having any personal property of value--no electronic equipment, no jewelry, no clothes and no cars.
Besides the $50 cash, DMX says the rest of the $1.4 million in assets to his name are tied to pending litigation and other claims.
The rapper's debts include more than $1 million in unpaid domestic-support obligations that, as Bankruptcy Beat readers will recall, precipitated his Chapter 11 bankruptcy filing in July, as well as more than $453,000 owed on a mortgage to a property in Mount Kisco, N.Y. His unsecured creditors are owed another $479,000.
As for his monthly budget, DMX is spending more than he's earning. Court papers show the rapper�s estimated monthly income is $5,000, but monthly expenses are $5,221 (including $1,000 on clothing and $500 on laundry and dry cleaning).
DMX's bankruptcy attorney couldn't immediately be reached Thursday afternoon to comment.
The White Plains, N.Y., bankruptcy court has scheduled an Oct. 8 case conference for DMX's bankruptcy, but the rest of us can catch him on an upcoming appearance on "Dr. Phil."
Source:The Wall Street Journal