Music Biz: Memphis Bleek Files for Bankruptcy, Says He Only Has $100 in Cash
Memph Bleek is, Memph Bleek is, Memph Bleek is … broke. And we can’t decide if that’s something to be shocked about. On one hand, it’s not too unexpected considering the man hasn’t released an album in over a decade. On the other hand, it is somewhat surprising, only because Jay Z famously vowed to never let Bleek go under. Well, Hova might’ve dropped the ball, as Bleek has reportedly filed for Chapter 13 bankruptcy.
According to Bossip, the former Roc-a-Fella rapper filed the petition March 14 in U.S. Federal Court in New Jersey. His total assets—which include a Jersey Home, a Chevy Impala, clothing, and wedding rings—total $274,000; however, his liabilities total $350,000. He also claims he has only $100 in cash, as his Chase business account is empty, and his business “Get Low Touring” is worth nothing.
Bleek reportedly earns $5,911.94 a month—$571 in royalties and $5,340.94 from his business; however, his monthly expenses amount to $5,377, leaving him with $534.94 after bills.
According to Bossip, the bankruptcy is pending while Bleek formulates a plan to pay back his creditors. He currently owes $335,000 on his New Jersey house, $24,000 on his Chevy Impala, $9,000 to the IRS, and $13,000 to Monmouth County Superior Court.
It’s doubtful Bleek will be bailed out by Jay, as he doesn’t list any support from family or friends in the petition. But hopefully he solve his financial issues just as he did in 2007, when he was reportedly hit with a federal tax lien for $37,750.
