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Rapper Memphis Bleek files for Chapter 13 bankruptcy

Florida residents who are fans of rapper Memphis Bleek may be interested to learn that he has filed for bankruptcy. The rapper filed March 14 for Chapter 13 bankruptcy in New Jersey. At the time, the 38-year-old claimed that he owned $274,190 in assets but had $384,804.91 in liabilities.

Memphis Bleek, whose given name is Malik Cox, reportedly owes $9,000 to the IRS, $13,000 to Monmouth County Superior Court and $335,000 for his home in New Jersey. The rapper also owes $24,000 for a Chevy Impala. According to his bankruptcy documents, Bleek's monthly bills total $5,377 while his monthly income is $5,911.94. With just $534.94 left after his basic living expenses, Bleek owes more money to creditors than he can afford to pay back.

Though Bleek has produced several hits that earned him about $6,700 in music royalties in 2015, his income has declined in recent years. In 2014 Bleek made $16,960 in wages, and in 2015 he made just $15,747 in wages. During the first three months of 2016, Bleek says that he earned $5,113. Bleek's Chase business account has no money in it, and his company Get Low Touring is valued at $0.

Chapter 13 bankruptcy can be more beneficial than Chapter 7 bankruptcy for some debtors. If a person earns regular income and owns assets like a house, a car and a business, Chapter 13 bankruptcy can allow them to hold onto these valuable assets while paying creditors back over a period of time. An attorney may be able to help a debtor to determine whether Chapter 13 bankruptcy would be a good solution for their financial problems.

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