EXCLUSIVE: DMX – Files for Chapter 13 Bankruptcy, Drowning in $2 Million Dollar Debt And Has $0 in His Bank Account
Nik, DMX has filed for Chapter 13 bankruptcy due to him drowning in over $2 million dollars owed to creditors and no cash in his bank accounts — the rapper says he is desperately trying to save his New York home from being sold off at a foreclosure sale.
According to court docs, DMX filed his bankruptcy petition on December 6th in Federal Court.
The rapper’s assets include his Mount Kisco, New York home worth an estimated $350k, he claims to own no automobiles, no furniture or household goods, no electronics or guns, no jewelry or clothing worth anything and has no cash on hand or any money in the bank.
He lists that he owns no stake in copyrights or trademarks for any of his music for the past decade + of his career.
DMX’s liabilities include $950,000 owed to Compass Bank, $304,796 in back child support, another $230,898 in support and an additional $1.4 million in family support debt and various other debts for a grand total of $2,030,970.
According to the docs, DMX is filing for bankruptcy in an attempt to stop a foreclosure sale of his New York home … which will be put on hold until the outcome of the bankruptcy.
The case is still pending in Federal Court.
Back in 2013, DMX filed for Chapter 11 bankruptcy with $1.8 in liabilities owed to creditors and less than $50k in assets and property to his name.
Months later, the rapper had his case thrown out of court due to him not complying with the bankruptcy laws. The judge accused DMX of failing to give the court trustworthy information regarding his income and assets.
His biggest debt was listed as $1.3 million owed in back child support for some of the 10 kids he fathered over the years. The judge dismissed the case and did NOT discharge aka wipe clean any of his debt. The order stated the rapper had to wait 18 months before he was allowed to file again.