Anytime someone has gotten in over their heads financially, they may pursue filing for bankruptcy as a viable means of protecting some property and also getting the fresh financial start they may need. However, filing for bankruptcy involves a lot more than simply wanting to deal with debt and finding debt relief. For one rapper, DMX, his plight to file for bankruptcy as a means of debt relief was rejected. Any Florida resident interested in knowing more about debt relief options may want to follow this story.
The 42-year-old filed for bankruptcy, and a judge dismissed his filing. DMX, whose name is Earl Simmons, will now have to deal with his creditors and possibly pursue other means of debt relief. A trustee apparently involved in the case stated that DMX did not provide “trustworthy information” as part of his filing. However there was no elaboration as to what exactly the trustee meant by that statement.
DMX contends one major source of his debt is child support that he owes for some of the 10 children he has reportedly fathered. The back child support is said to total $1.3 million. He may now need to find another means of handling this debt as he continues to confront his financial difficulties.
While bankruptcy is a valuable tool for those in need of debt relief, there is a detailed process involved when someone decides to file. Not everyone who wishes to file for reorganization of their debt is approved. In this instance, DMX sought approval for a plan under Chapter 11 that would permit him to pay his outstanding obligations over a stipulated period of time and under the supervision of the court, and it is unclear if the rapper will have the opportunity to resubmit a plan that provides the detail the trustee apparently thought was lacking. Because of the details involved in each case, anyone in Florida who believes bankruptcy is the best option for their individual situation may want to ensure they have the most up to date information and know what all will occur if they file and are approved.
Source: news.yahoo.com, Judge in NY rejects DMX’s bankruptcy filing, No author, Nov. 9, 2013