DMX Says He Has $50 To His Name

by Soren Baker

                           

In court filings for his bankruptcy case, DMX says that he has no money in the bank.

DMX says that he has $50 to his name and no money in the bank, as per court filings in his bankruptcy case, according to a story on The Wall Street Journal's website. The rapper also says he has expenses that exceed his monthly income, the story says.
The court documents show DMX’s estimated monthly income is $5,000 and that he has monthly expenses of $5,221, which include $1,000 on clothing and $500 on laundry and dry cleaning, as per wsj.com.
DMX says that the $1.4 million of assets in his name are tied to ongoing litigation, among other things, the story says.
The man born Earl Simmons also says under penalty of perjury that he has no personal property of any value, including no electronic equipment, no jewelry, no clothes and no cars, as per wsj.com.
The former Def Jam Recordings artist has several debts, as per the wsj.com. Among them are more than $1 million in unpaid domestic-support obligations that lead, in part, to his July filing for Chapter 11 Bankruptcy, the story says. DMX also owes unsecured creditors more than $475,000 and has a mortgage of more than $450,000 on a property in Mount Kisco, New York, according to wsj.com.
DMX’s bankruptcy case is scheduled for an October 8 case conference at the White Plains, New York, bankruptcy court, according to the wsj.com.
In July, The Wall Street Journal reported that the Yonkers, New York artist filed documents in Manhattan court stating that he has $50,000 in assets, while owing between $1 and $10 million in debts. DMX told authorities at the time that he filed for Chapter 11 “to enable me to reorganize my financial affairs.”
DMX's debts include more than $1 million in child support and more than $20,000 in automobile lease payments.
"DMX's financial strains have been inhibiting his career for several years," the rapper's publicist, Domenick Nati, told HipHopDX in July. "Poor financial management by prior representation have caused him to be ineligible to retain a passport. The purpose of this bankruptcy filing is for reorganization so he can perform for his fans oversees. We are currently planning a tour in Europe and Africa for the fall of 2013."