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DMX Is ‘Drowning In Debt’ And Has Reportedly Filed For Bankruptcy

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DMX was almost a casualty of 2016, but it looks like his bank account wasn’t spared the same fate. The rap legend has reportedly filed for bankruptcy once again — his the third time in seven years. X, real name Earl Simmons, first filed for bankruptcy in 2009 and then again in 2013. The 2009 case was rejected for “unreasonable delays,” while the 2013 case was throw out because the judge didn’t trust the documents X submitted were truly representative of his financial situation. This time, X is hoping to catch a break in an effort to save his home from going into foreclosure.

DMX reportedly owes creditors a whopping $2 million, per court documents obtained by The Dirty. The father of 15 filed for Chapter 13 bankruptcy earlier this month and alleges owing over $300,000 in back child support and $950,000 to Compass Bank, as well as $1.4 million in family support and other debts.

The Ruff Ryder lists his New York home as his only asset, valued at an estimated $350,000, claims he has $0.00 in his bank account, and has no other assets to his name according to court documents. The 46-year-old legend says he can’t even rely on any of his music because he doesn’t own any copyrights or trademarks for “any of his music for over a decade of his career.”

According to the court documents, DMX filing for bankruptcy is an attempt to stop a foreclosure sale of his home. The Mt. Kisco, New York house was foreclosed on in April 2016 after the rapper and ex-wife Tashera failed to pay $738,134 in missed mortgage payments, interest, and late charges. The former couple reportedly stopped making payments in 2008, eight years after purchasing the home for $649,000. The foreclosure sale is now is on hold pending the results of X’s bankruptcy case.

In the meantime, DMX has two confirmed shows booked for January. So that’s a start.

Article source: http://uproxx.com/realtalk/dmx-bankruptcy-again/

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