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.