It’s more bad news for DMX. We reported yesterday that DMX passed out in the back of a police car after being arrested for a DUI. It was released today that the platinum-selling rapper filed for Chapter 11 bankruptcy.
The Wall Street Journal reported that X filed documents stating that he had about $50,000 worth of assets while having debt between $1 and $10 million. DMX justified filing for Chapter 11 by saying it would enable him to reorganize his financial affairs. A lot of the debt DMX is in comes from backed child support. He owes a little over a million dollars in child support. Another major part of the debt comes from X leasing cars. He owes $20,000 in car payments, which is crazy for someone who hasn’t had a legit license in a long time.
DMX’s publicity rep released a statement: “DMX’s financial strains have been inhibiting his career for several years. Poor financial management by prior representation has 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.”
Who announces a tour the same day as filing for chapter 11? Given Toni Braxton’s current financial problems maybe she can get a tour package together with DMX.