DMX FILES FOR BANKRUPTCY, CLAIMS HE HAS LESS THAN $50K AND OWES $1.24 MILLION IN CHILD SUPPORT

DMX

After his arrest on suspicion of driving under the influence without a driver’s license in South Carolina, the New York MC has filed for Chapter 11 bankruptcy. In a report by The Wall Street Journal, he claims he has less than $50,000 in assets and between $1 and $10 million in debt.
According to court papers, he filed for bankruptcy because he hoped it would “enable me to reorganize my financial affairs.” The papers say he owes $1.24 million in child support and more than $21,000 on an auto lease. His biggest asset is a 50 percent cut in property at Mount Kisco, New York.

DMX has slowly made his return to hip-hop, gaining a spot at this year’s Rock The Bells tour and releasing his seventh studio album, Undisputed.

UPDATE: Domenick Nati of Nati Celebrity Services gave an official statement on why DMX filed for bankruptcy. “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 overseas. We are currently planning a tour in Europe and Africa for the fall of 2013.”