As the ladies of Hip Hop were being celebrated last night for their contributions in music, past and present, it seems as though the men of hip hop just can’t keep it together! Word on the street is Memphis Bleek just filed for bankruptcy because he owes a ton of debt!
According to Bossip, Mr. Bleek filed for Chapter 13 bankruptcy back in March claiming that he owed $384, 804.91 in liabilities when he only has $247,190 in assets! Funny thing is this a far cry from Jay Z’s vow to hold Memphis down in his lyrics on Kanye’s “Diamonds From Seirra Leone” remix. Just incase you forgot he said:
“Bleek could be one hit away his whole career/As long as I’m alive, he’s a millionaire/And even if I die, he’s in my will somewhere/So he can just kick back and chill somewhere, oh yeah/He don’t even have to write rhymes.”
… Interesting.
Anyways, apparently a huge chunk of his asset money comes from his Keyport, NJ house which is reportedly worth $250,000. The 38-year-old, whose real name is Malik Cox, also alleges that he has no money in his Chase business account and only has about $100 cash to his name!
“The 38-year-old said his valuables include his Keyport, NJ home, which is worth $250,000, a 2014 Chevy Impala valued at $14,000, $2,970 in household goods, $120 in pictures and books,” Bossip reported. “He said he has $0 in his Chase business account, $100 in cash on hand and ownership of his company “Get Low Touring,” which is worth $0. Bleek said the only jewelry he owns is he and his wife’s $5,000 wedding rings, and owns $2,000 in clothes.”
Now here’s where trying to keep up with The Joneses’ goes wrong..
“[The] rapper’s liabilities include $335,000 owed on the NJ home, $24,000 on the Chevy Impala, $9,000 owed to the IRS and $13,000 to Monmouth County Superior Court.
The former Roc-A-Fella artist says he is self-employed and runs his company, “Get Low Touring,” bringing in $5,340.94 from his business and $571 in royalties per month.
Every month the rapper spends over $2,250 on his mortgage, $400 on food and housekeeping, $280 in alimony/support payments, $516 for his car payment and various other bills.
Bleek listed his total monthly income as $5,911.94 but his expenses come to $5,377 … leaving him with just $534.94 left over after his bills are paid.”
If that’s not enough, it is also reported that he only makes about $571 a month in royalties and only $5340.94 a month from his “Get Low Touring” business which totals out to a $5,911.94 monthly income. Unfortunately for him, Cox only really pockets $534.94 since his bills amount up to $5, 377.
As for now, the case is still pending as Memphis tries to find a payment strategy for the debt he already knows. Well at least we know he wasn’t lying when he said he wasn’t living off of any of Jay Z’s money! Lets chat below!
TST STAFF: Debra Oh! @The_Ebony_Issue
Source:http://bossip.com/1332158/when-the-checks-stop-coming-in-memphis-bleek-files-for-bankruptcy/2/
