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Rapper DMX's bankruptcy might be slippin' into Chapter 7

Filing for personal bankruptcy protection is a serious decision. Knowing this, those who plan to file can benefit from making sure they have all of their financial affairs and documents in order before making a move in court. Failing to appropriately report certain assets and expenses can be a major hindrance in achieving debt relief.

Rap artist DMX, who is known for his songs "Slippin'" and "Ruff Ryders Anthem," has been working through personal bankruptcy. His original intention was to reorganize his debt while being shielded from creditors by filing Chapter 11 bankruptcy. However, alleged inconsistencies in his case have caused the bankruptcy trustee to request that his case be converted to Chapter 7.

In response to the trustee's request, however, a representative for the rapper (legally named Earl Simmons) stressed that any questions will be cleared up. One of the reported problems with Simmons' bankruptcy filing is that he reported a monthly clothing budget of $1,000, yet he didn't list any clothing as assets. If the musician and his attorneys can satisfy the trustee's questions, Chapter 11 might still be possible.

However, if the court isn't satisfied and the case is switched to Chapter 7, then the entire bankruptcy strategy will likely look very different. As opposed to reorganizational bankruptcy, Chapter 7 is primarily defined by liquidation. This means that a share of the filer's assets and property will be sold off in order to pay back creditors. Once that process is complete, qualifying debts are likely to be discharged.

There are certain criteria that must be met in order to file for each type of personal bankruptcy. An experienced attorney can help determine what is the best option to match an individual's financial circumstances.

Source: Wall Street Journal, "DMX Promises to Play Nice in Bankruptcy," Jacqueline Palank, Nov. 4, 2013

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