Thursday, December 12, 2013
CHAPTER 7 BANKRUPTCY FAILURE -- Rapper DMX's Bankruptcy Dismissed
Recently, a judge in New York, threw out the bankruptcy filing of rapper and hip hop star, DMX. DMX had filed for Chapter 7 relief due to crushing debt, including over $110,000 owed in child support obligations (which is non-dischargeable). The case failed, and the Federal Bankruptcy Court dismissed the case with an 18 month bar to refiling. The dismissal was due to failure to satisfy trustee demands for information, and to properly document income of DMX. This set back does not mean that he cannot seek bankruptcy relief in the future (once the time period of the filing bar has elapsed). He could re-file once he is able to properly document his earnings, and possibly his assets. DMX is not unlike any of us, who got into debt, slowly, over time, and now, it is out of control. We hope that his financial affairs can be straightened out, so the can get control of his financial life. Read more here.