DMX is not having a great week. After just being arrested last week, DMX filed for bankruptcy on Monday, July 29th. According to reports from The Wall Street Journal, the man known as Earl Simmons filed documents stating that he had about $50,000 worth of assets while having debt between $1 and $10 million. DMX justified filing for Chapter 11 by saying it would enable him to reorganize his financial affairs. A lot of the debt DMX is in comes from back child support. he owes a little over a million dollars in child support. Another major part of the debt comes from X leasing cars. He owes $20,000 in car payments, which is crazy for someone who hasn’t had a legit license in a long time.
This is what DMX’s publicist had to say about the ordeal:
“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.”
Our hearts go out to DMX here at Supreme Fabulosity. This is a man who has sold 30 million records worldwide. His debut album alone sold 5 million copies worldwide. We pray that the man who had 5 consecutive #1 albums gets his life back on track. We have always loved DMX has a lyricist. DMX latest album Undisputed debuted at #19 on the Billboard 200 with 17,000 copies sold, as far as Jan. 2013, the album has sold 44,000 copies. We wish you the best of luck DMX!