Dame Dash has officially filed for bankruptcy as his legal issues and substantive debts continue to mount.
The Roc-A-Fella Records co-founder has debts totalling $25 million relating to lost legal cases, an enormous tax bill and unpaid child support payments.
According to legal documents, Dash claims he he has assets of less than $5,000.
He also says he receives no monthly income yet has expenses of around $2,500.
The documents state that the record executive’s largest asset is the $2,500 he owns in jewelry and clothing.
Dash owes $8.7 million in taxes to the state of New York and IRS while the New York State Department of Taxation and Finance is also owed $9.65 million.
Further debts to the government $5.79 million to Los Angeles County and $3.5 million to New Jersey over back taxes that have not been paid.
In total, Dash owes the government around $19 million.
Dash’s next biggest debt is to filmmaker Josh Webber, to whom he owes $4 million after losing a legal case to the film producer.
Dash also owes former partners more than $500,000 in unpaid child and spousal support while the New York City Department of Social Services say he owes them a further $487,000.
A number of other smaller creditors are also listed, bringing the total Dash owes to around $25 million.
JAY-Z was recently called out by Lance “Un” Rivera for not supporting Dash amid his financial woes.
Rivera, who it was once believed was stabbed by the rap legend, criticized Jay for not reaching into his pockets to help his former friend and business partner.
Asked about Dame’s perilous finances by The Art of Dialogue, he replied: JAY-Z, I hate to keep bringing your name up, but I think it’s some sucker shit. He probably did some things that he did with his money that was, you know what I’m saying—but nah, he not supposed to be in the situation that he’s in.”
Rivera continued: “He has to know that Dame has helped him.”
Dash’s one-third stake in Roc-A-Fella, Inc. was recently auctioned off to satisfy his massive debts, which also include unpaid taxes and child support.
However, the sum the sale fetched barely covered any of Dash’s debts.
