Miami rapper Jacki-O filed for Chapter 7 bankruptcy filing, listing assets of just $1,340, despite having a blossoming recording career.
The rapper listed debts of $144,225 and a monthly income under $900, a salary earned from shows and personal appearances.
According to her lawyer, the rapper's filing has effectively dissolved a five-album recording contract with Poe Boy Entertainment, which is distributed by TVT Records
"Jacki-O is a tremendous artist and I think there will be a lot of interest in her," Jacki-O's attorney Richard Wolfe told AllHipHop.com. "We are waiting for the bankruptcy motion to be approved."
According to Wolfe, the rapper was given a small advance, but has never derived any royalties from sales of her debut album.
Wolfe, a Miami-based attorney, made headlines earlier this week when he annouced a lawsuit against 50 Cent over the hit single "In Da Club."
Jacki-O is currently working on a new single titled "Monkey," as well as material for a follow-up album titled Jack the Ripper.
Jacki-O had a minor hit with the single "Nookie," which led to the release of her album, Poe Little Rich Girl.