Zammnnnn! Just when you thought you had problems…
DMX may definitely be having one of the worst weeks ever. Last Friday, he was arrested in South Carolina for suspicion of driving under the influence and failing to have a valid driver’s license, and yesterday, he had to file for Chapter 11 bankruptcy so that he could get on top of his finances again.
What’s mindblowing, is that DMX has been in the rap game for over 20 years, but claims he has less than $50,000 in assets and has raked in $1 million to $10 million in debt. He is also $1.24 million behind in child support payments for his 10 children. He has four kids with his estranged wife Tashera who he was with for 11 years, but throughout their marriage he admitted to sleeping around and having babies with other women. [a vasectomy may apply here...]
Meanwhile, DMX’s rep Domenick Nati has released a statement via the Wall Street Journal’s Bankruptcy Beat saying that his financial problems have just been building up over the years, blaming poor money management and his previous handlers for his huge debt.
“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 [sic]. We are currently planning a tour in Europe and Africa for the fall of 2013.”
If you owe more than $2,500 in back child support you can’t get a passport, so because of that DMX’s camp is saying that he won’t be able to tour and make money.
Today’s rappers may want to take note. Bad money management and business decisions may have you worse off then when you started a few years from now. Unfortunate (especially, for those 10 kids!).
Iyanla, fix my bank account.