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Rapper Says He Has Just $100 In Cash
Jay-Z’s protégé Memphis Bleek is drowning in debt and has filed for Chapter 13 bankruptcy after revealing he has just $100 in cash, BOSSIP has learned.
The rapper, whose real name is Malik Cox, filed the petition on March 14th in US Federal Court in New Jersey. Bleek said he has assets in the amount of $274,190, but his liabilities total $384,804.91.
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. 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.
But 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.
Based on the docs, Memphis wasn’t lying when he told The Breakfast Club his mentor Jay-Z doesn’t pay his bills. He doesn’t list any support from family or friends in the petition.
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.
The docs reveal Bleeks’ income has taken a major hit in recent years. He said he only made $5,113 in wages during the first three months of 2016, and brought in just $15,747 for 2015 and $16,960 in 2014.
His music royalties came out to $6,686 for 2015 and $6,949 for 2014.
The bankruptcy is still pending with the rapper attempting to work out a plan to pay back his creditors.
Bleek was one of the first rappers to be signed to Roc-A-Fella Records. His last album was released in 2005, and he has been working on his next album “The Process” for several years.
It’s not the first time Memphis Bleek has had money problems. In 2007, the IRS hit him with a federal tax lien for $37,752, but later settled the debt with Uncle Sam.
BOSSIP’s attempts to reach Memphis Bleek via phone and email were not successful Monday.
When The Checks Stop Coming In: Memphis Bleek Files For Bankruptcy
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