Rap veteran DMX’s finances may be in jeopardy as reports claim a New York judge has rejected his recent bankruptcy filing, which could result in hungry creditors coming after him.
According to reports, Dark Man X’s bankruptcy rejection went down heading into the weekend.
A federal judge in New York has tossed rapper DMX’s bankruptcy filing, making him fair game for creditors. The Journal News reports that a bankruptcy judge in White Plains dismissed the 42-year-old rapper’s July 29 Chapter 11 filing on Friday. The hip-hop star’s real name is Earl Simmons. The judge’s move means he could lose his possessions including his share in a home in suburban Mount Kisko. (The Hollywood Reporter)
Reports claim X did not provide trustworthy information in the filing.
Simmons’ biggest debt is $1.3 million in child support owed to some of the 10 children he has fathered. U.S. Trustee Tracy Hope Davis said Simmons failed to provide trustworthy information in his bankruptcy filing. Simmons’ publicist Domenick Nati said he was unaware of the court hearing. (The Hollywood Reporter)
In a recent 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 money issues surfaced courtesy of court filings coming into the public light in September.
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)