News: DMX Falls On Hard Times: "X Has $50 In His Pockets & Nothing In The Bank"
Thursday, Sep 19, 2013 7:01PM
Former Ruff Ryders leader DMX should start saving his pennies as reports claim he is living in rough times with little to no money in his possession.
According to reports, Dark Man X's current money woes have surfaced courtesy of new court filings coming into the public light.
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)
The former Def Jam star's representative Domenick Nati recently hit up SOHH and said the rapper's publicized bankruptcy claim would 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)
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