DMX’s Bankruptcy Case on The Verge Of Being Thrown Out

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  • Just when we thought DMX was on the right track to getting himself together, this happens. DMX’s bankruptcy case may be in jeopardy because of X faulty financial records.

    In case you didn’t know, DMX filed for bankruptcy back in July claiming he has less than $50,000 in assets despite having a debt over $10 million. Since then, proceedings have moved forward, but it looks as though DMX is getting in his own way. there have been multiple discrepancies in the financial reports X has submitted to the bankruptcy court.

    According to reports, DMX’s case is being questioned because he has failed to appear at any of the meetings with the creditors and the aforementioned discrepancies in his financial reports. In one report, X states that he makes $5,000 per month, but in another report he says he only makes $1,600. On top of that, DMX, real name Earl Simmons, claims to have nothing in clothing assets yet lists $1,000 a month in clothing expenses.

    Due to those inconsistencies, the United States Justice Department wants one of two things to happen: the case to be dismissed immediately or his chapter 11 filing, which allows debt to be restructured, to be dropped down to a chapter 7 filing, which means he would have to have his assets liquidated.

    Originally seen on http://theurbandaily.com/

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