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Rapper DMX files new Chapter 11 schedule claiming $50 in assets

Rapper DMX, whose real name is Earl Simmons, is apparently running pretty low on cash. Once among the top-selling hip-hop artists in history, the performer filed for Chapter 11 bankruptcy in July. He had apparently built up over a million in alimony debt, owing more than over $450,000 in mortgage debt on a New York property, and another $479,000 to unsecured creditors.

While Simmons entered $1.4 million in the asset column of his Chapter 11 schedule, none of that amount appears to represent actual cash or property. Instead, that total represents a $1-million lawsuit Simmons has pending against Rich Kid Entertainment in New Jersey, a $400,000 lawsuit against a New York lawyer, and claims of unknown value against an individual and against Seven Arts Music, Inc., in West Hollywood.

Even more interesting, Simmons has, by filing these bankruptcy schedules, sworn under penalty of perjury that he has absolutely no personal property. He claims to have no retirement savings or incoming debt payments, no cars, trucks, or personal jewelry, no office equipment, recording equipment or furnishings. Moreover, he claims to own no copyrights or intellectual property of any kind.

Beyond the potential gains from the lawsuits, Simmons has filed official documents saying that the only thing of any value he owns in the all world is the $50 in his bank account.

Let’s hope that his filings are inaccurate. That said, Simmons is still earning around $5,000 in monthly income, but still spending more than he brings in. While that’s a common experience for many people dealing with unmanageable debt, it looks like he’s still coming to terms with his change in circumstances. He’s still spending some $1,500 on clothes and dry cleaning, according to the Wall Street Journal's Bankruptcy Beat blog.

No doubt, some of these issues will be addressed at his upcoming Chapter 11 case conference on Oct. 8.

Source: The Wall Street Journal's Bankruptcy Beat blog, “Rapper DMX Running Low on Cash,” Jacqueline Palank, Sept. 19, 2013

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