Exclusive: UPDATE: DMX's Shocking Bankruptcy Decision Explained
Tuesday, Jul 30, 2013 3:55PM
Hours after Ruff Ryders leader DMX made headlines for filing for bankruptcy, the rap veteran's representative has reached out to SOHH to explain the financial move.
According to rep Domenick Nati, X's bankruptcy claim will ultimately help him connect with fans overseas.
"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. We are currently planning a tour in Europe and Africa for the fall of 2013." ~Domenick Nati (Nati Celebrity Services) (SOHH)
Early Tuesday (July 30), reports of Dark Man X's financial woes turned into public knowledge.
The rapper DMX filed for Chapter 11 bankruptcy protection, court records show, days after his arrest on suspicion of driving under the influence. 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." (Wall Street Journal)
Financial debts related to child support and an auto lease are reportedly holding X down.
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. (Wall Street Journal)
Back in 2010, X publicly ranted during a live concert and hinted at his money woes.
"Y-O, Y-O in this b*tch, n*gga," X told a crowd of Arizona fans. "New York to AZ, New York to AZ, n*ggas must be crazy, f*ck Jay-Z! Ya heard? Ya heard? ... What do y'all think is the state of the rap industry right now? I mean, you know, I'm an artist so I kind of have bias views but I think most these n*ggas suck! I think they not only suck, but they suck d*ck! I mean, correct me if I'm wrong, we're real people. Most of us got jobs -- but you got these n*ggas talking about Bentleys, mansions and pool parties, we don't rock that sh*t son! So my take on it is, you got Patron in your cup? Good for you! You got a b*tch that wanna f*ck? Good for you! You sittin' on 24's? Good for you! You got Lamborghini doors? Good for you! Because at the end of the day? I ain't got that sh*t..." (Goon Boss TV)