DMX’s Bankruptcy Filing In Jeopardy
In July. the rapper filed for Chapter 11 and claimed that he had over $10 million in debt and under $50,000 in assets.
But, the rapper has allegedly not complied with creditors by missing key meetings. Additionally, there were a number of disparities with the financial reporting and the amount of money that DMX made. In one report, the rapper said he made $5,000 and another, $1,600.
Chapter 11 allows a person to restructure their debt, rather than wipe it out. The Justice Department reportedly wants the rapper to re-file for Chapter 7, where X would have to liquidate his assets.