DMX’s Bankruptcy Filing In Jeopardy

(AllHipHop News) DMX has attempted to restructure his finances by filing for bankruptcy, but it may not be accepted because of mass inconsistencies, according to published reports.

In July. the rapper filed for Chapter 11 and claimed that he had over $10 million in debt and under $50,000 in assets.

But, the rapper has allegedly not complied with creditors by missing key meetings. Additionally, there were a number of disparities with the financial reporting and the amount of money that DMX made. In one report, the rapper said he made $5,000 and another, $1,600.

Chapter 11 allows a person to restructure their debt, rather than wipe it out. The Justice Department reportedly wants the rapper to re-file for Chapter 7, where X would have to liquidate his assets.


    […] AHH is reporting that DMX has taken a 180 degree turn in restoring his rap career as his filed bankruptcy from July has been re-examined and creditors are not happy with the reports as within documents they have ‘mass inconsistencies.’It’s being reported that DMX has been missing out on meetings with his creditors and further a ‘number of disparities with the financial reporting and the amount of money that DMX made’ where his reports vary on his financial income one saying the rapper made $5,000 and another, saying only $1,600. As a result, the rappers request for a Chapter 11 has been post-poned and instead its being reported that the Justice Department wants him to re-file for a Chapter 7 where he will have to liquidate his assets, however this will mean some of his loans, interests and even any child support payments will still hold and currently that debt amounts to a whopping $10 million! […]

blog comments powered by Disqus