Rapper Memphis Bleek has reportedly filed for bankruptcy
The Is That Your Chick? star, real name Malik Cox, reportedly lodged the legal papers in U.S. Federal Court in New Jersey in March (16). In the filings, Memphis reportedly states his assets total $274,200 (GBP207,000), but his liabilities stand at $385,000 (GBP290,500).
According to Bossip.com, the 38-year-old owes $335,000 (GBP253,000) on his Keyport home, but it is only worth $250,000 (GBP189,000). He also still owes $24,000 (GBP18,100) on his Chevrolet Impala, but its worth is listed at $14,000 (GBP10,600). He also has to pay $9,000 (GBP6,800) to officials at America's Internal Revenue Service and $13,000 (GBP9,800) to Monmouth County Superior Court.
He has listed wedding rings, clothes and other household items as assets, reporting he only has $100 (GBP75) in cash to his name and his ownership of Get Low Touring is worth nothing.
He reportedly brings in $6,000 (GBP4,500)-per-month in total income, but pays $5,400 (GBP4,100) in bills and expenses.
The bankruptcy is currently pending and Jay Z's former protege is reportedly working out a plan with his creditors.
Memphis Bleek has experienced financial issues in the past - in 2007, he was reportedly hit with a federal tax lien for $37,750 (GBP28,500), but he subsequently settled it.