Yesterday we posted a new article that speaks to this exact matter. Please take some time to check out this great article written by one of our partners Kawin Long with Prime Vision called, “Musicians and their Money Management Woes.”
As seen on latimes.com
Rapper DMX, who has been in and out of jail after a slew of arrests over the past few years, has filed for Chapter 11 bankruptcy protection due to years of “financial strains” and “poor financial management.”
The “Ruff Ryders Anthem” and “Party (Up In Here)” rapper, 42, whose real name is Earl Simmons, made the announcement Monday following an arrest in South Carolina last week.
“DMX’s financial strains have been inhibiting his career for several years,” said a statement from his publicist, Domenick Nati.
In the filing, DMX listed less than $50,000 in assets and $1 million to $10 million in debt, according to the Wall Street Journal, which said the filing took place in Manhattan Bankruptcy Court.
The father of 10 children — four of whom he had with ex-wife Tashera Simmons and six through extramarital affairs — reportedly owes $1.24 million in child support and more than $21,000 on an auto lease. The documents said he filed for bankruptcy “to enable me to reorganize my financial affairs.”
“Poor financial management by prior representation have caused him to be ineligible to retain a passport,” Nati said. “The purpose of this bankruptcy filing is for reorganization so he can perform for his fans oversees.”
The filing comes as the New York native, who currently resides in South Carolina, is planning a tour in Europe and Africa for the fall of 2013, Nati said.
DMX released his seventh studio album, “Undisputed,” in 2012 but has been a recurring news figure as of late because of his legal track record.
Last week, he was arrested again in South Carolina on suspicion of DUI, driving without a license and driving without a seat belt. However, a rep said, he was not charged with DUI because he passed a breath test in jail and was released after posting $1,235 in bail.
In February, DMX was arrested and charged with driving without a license. He was taken to jail, then released after paying a fine. His then-5-month-old daughter was said to have been a passenger in the car at the time.
The rapper had just completed a stint in prison after his probation was revoked for — surprise — driving without a license, and because he refused to submit to a drug test.
DMX has also been arrested on charges of speeding after officials said he was driving 102 mph in a Phoenix suburb. He was arrested on drug and animal-cruelty charges following an overnight raid on his house in 2008.