Yesterday (July 29th) Earl Simmons A.K.A DMX filed for bankruptcy, making things seemingly bad for the 42 year old Hip Hop legend. However, DMX says the bankruptcy was actual a progressive move for him to be able to obtain his passport for an upcoming tour in Europe and Africa for the fall of 2013. Many people thought the bankruptcy was corresponding to his brief arrest for a suspected DUI charge last week. DMX was not charged and instead is pushing for bigger and better things for this next year.
The Wall Street journal reports:
Filed Monday in the Manhattan bankruptcy court, the Chapter 11 petition of Earl Simmons, aka DMX, lists less than $50,000 in assets and $1 million to $10 million in debt. The rapper said in court papers that he filed for Chapter 11 bankruptcy, which is available to both businesses and consumers, “to enable me to reorganize my financial affairs.”
The New York native and current South Carolina resident owes $1.24 million in child support and more than $21,000 on an auto lease, among other obligations. His principal asset is a 50% stake in property in Mount Kisco, N.Y.
