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Despite a recent cameo on FOX’s hit drama Empire, Petey Pablo’s net income seems to be in the red. The North Carolina rapper recently filed for bankruptcy, claiming he only has about $50,000 in assets.

Reports Bossip:

Pablo – real name Moses Barrett – has assets in the $0-$50,000 range and liabilities in the same ballpark.

The rapper has not filed the exact debts and assets in the case but his creditors include the IRS, Planet Fitness, Enterprise, Ford Motor Credit, law firms & others.

The new case is the third time the rapper has filed for bankruptcy since 2009. The previous cases were dismissed due to Petey failing to pay on his re-payment plan to creditors, leaving the rapper on the hook for his massive debts.

Petey Pablo was released from prison in 2014 after serving time since 2010 after he was caught with a stolen firearm in a North Carolina airport.

Photo: WRAL