Jay Z famously rapped “Bleek could be one hit away his whole career/As long as I’m alive he’s a millionaire” on Kanye West’s “Diamonds From Sierra Leone (Remix).” Unfortunately, Memphis Bleek may not have made him aware of his financial difficulties since he recently filed for bankruptcy.
Reportedly, Hova’s protege has just $100 in the bank and filed for Chapter 13 bankruptcy back in March.
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.
Basically Bleek has to dish out more money than he has coming in.
The docs reveal Bleeks’ income has taken a major hit in recent years. He said he only made $5,113 in w
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.
ages 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 has a number of hits under his belt and considering Hova is his mans’n’em for real it seems like he probably made some bad financial decisions.
Even if Jay Z doesn’t cut a check, he should be able to bring in enough dough off the strength of his name to get back on track via shows, publishing, hawking D’usse, etc.
See the legal docs over at Bossip.