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Rapper DMX files for bankruptcy for the third time

Kentucky residents who are fans of rapper DMX may be interested to learn that he has once again filed for bankruptcy. The rapper, whose real name is Earl Simmons, filed on two previous occasions. However, Simmons was denied bankruptcy protection in 2009 and 2013 due to 'unreasonable delays" and insufficient documentation.

DMX reportedly filed for bankruptcy in 2016 to save his house from being sold in foreclosure. The New York home was purchased in 2000 for $649,000, and it is currently listed on the 46-year-old rapper's bankruptcy petition as his only asset. The home is valued at $350,000, but DMX owes $738,134 in overdue mortgage payments. On his bankruptcy petition, DMX claims that he has no money in the bank and owes $2 million to various creditors.

Besides the mortgage, DMX holds a large part of his debt in unpaid family and child support. He owes more than $300,000 in back child support and $1.4 million in family support. He also owes Compass Bank $950,000. Despite his successful music career, DMX says that he cannot rely on his musical recordings for income. DMX says that he does not own any copyrights or trademarks related to more than 10 years of his music career.

People who owe more money on their mortgage than their home is worth and who have fallen behind may wonder what can be done. In some cases, attorneys will recommend filing for Chapter 13 bankruptcy which can put at least a temporary halt to foreclosure proceedings. The three-to five-year repayment plan could provide a way for debtors to catch up on their back payments while remaining current.

Uproxx, "DMX Is 'Drowning In Debt' And Has Reportedly Filed For Bankruptcy", Delenda Joseph, Dec. 30, 2016

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