Everyone’s favourite “Ruff Ryder,” rapper DMX, has filed for Chapter 11 bankruptcy protection.
Despite a once-lucrative career, DMX (nee Earl Simmons) is blaming past money managers for making a mess of his finances.
According to court filings posted by the WSJ, he owes more than $1.2 million in child support and has less than $50,000 in assets. A spokesperson said in a statement that his financial managers allegedly failed to send his payments. And because the government blocks anyone owning more than $2,500 in child support from obtaining a passport, Simmons hasn’t been able to travel overseas for work.
This all comes just a few days after he was arrested in South Carolina on suspicions of driving under the influence.
Businesses have been after Simmons for years for allegedly failing to make due on financial promises. About a year ago, he was ordered to pay a dog clothing line $281,545 in 2007 after allegedly failing to promote his line of dogwear with the company.
Here’s the full statement his rep sent to the WSJ:
“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.”
This whole “my money managers did it” line is run-of-the-mill among entertainers gone broke. When Grammy-award winning Dionne Warwick filed for bankruptcy earlier this year, she also pinned it on years of financial mismanagement.
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