News: DMX Comes Clean On Fallen Rap Career & Money Woes: "At A Time I Was Making $13 Million A Year"
Thursday, Sep 26, 2013 10:09AM
Former Ruff Ryders leader DMX has stepped up and showed the world a more personal side of his life by appearing on television personality Dr. Phil's talk show this week.
In his interview, X admitted he would not change his past despite his multiple run-ins with law enforcement and also confirmed recent publicized money woes reports.
"I wouldn't redo anything 'cause it got me right here where I'm at right now and I'm in a good place. No regrets," X told Dr. Phil. "[My children?] They're well taken care of. I'm a big influence in their lives. I love all of my children. I do see them and speak to them when I can. I do have a relationship with my children. I love my children. I would never just not be a part of my children's lives. That doesn't make sense. [Child support debt?] Yes, I am. The reason being because at a time I was making $13 million a year, so if I'm making $13 million a year, then I can pay that. I haven't made that in about 10 years, so of course I'm behind in payments, but the children are taken care of." ("Dr. Phil")
Dark Man X's current money issues surfaced courtesy of new court filings coming into the public light earlier this month.
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. (Wall Street Journal)
The heart of X's cash problems reportedly stem from outstanding debts.
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. (Wall Street Journal)
Last month, reports of his 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)
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