Wednesday, October 23, 2013
DMX Bankruptcy Case in Danger
Back in July DMX filed for Chapter 11 bankruptcy claiming less than $50,000 in assets and over $10 million in debt [click here if you missed that].
DMX's bankruptcy case is in danger of being thrown out because of multiple inconsistencies in his financial reporting...
According to reports DMX's case is being challenged because he has failed to show up to creditors meetings and submitted contradicting accounts of his financial situation. In one instance DMX claimed he makes $5,000 a month and in another instance claiming $1,600 a month.
The rapper also claimed $0 in clothing assets while listing $1,000 a month for clothing expenses.
The Justice Department wants DMX's Chapter 11 case, which allows restructuring of debt, thrown out altogether or at the very least changed to Chapter 7 which requires asset liquidation.