DMX files for Chapter 11 bankruptcy

Earl Simmons aka DMX has just filed for Chapter 11 bankruptcy in NY stating that he has less than $50,000 in assets but around 10 million dollars of debt over his head. According to the filing the rapper owes $1.24 million in child support and still owes over $21,000 on a car lease, there are also smaller debts that the rapper states are hanging over his head and he hopes that the Chapter 11 bankruptcy filing will help relieve him of some debts so that he can later reorganize his finances. Flip the lid for more on this.
A representative for the rapper, Domenick Nati, recently stated that they planned to tour Europe and Africa this summer to earn some extra cash but due to the amount of child support that the rapper owes he was denied a passport. Nati went on to say..

“DMX’s financial strains have been inhibiting his career for several years. 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.”

DMX was arrested recently in South Carolina for driving under the influence and  failing to have a valid driver’s license but he was never charged with a DUI because he passed a breath test in jail and was released after posting bail.(WallStreetJournal)