For people in Seattle, Washington, and around the country, declaring bankruptcy is often accompanied by a sigh of relief - after the months of struggling against rising debt, of enduring the calls of debt collectors and of straining to make ends meet, it can be a relief to take some action that one knows will eventually result in the elimination of most of one's debt.
However, bankruptcy isn't a time to ease off the gas petal. The process must be completed meticulously and carefully, or one can run into difficulties down the road. If the court's demands are not met in a timely manner, the case can even be dismissed, meaning the consumer will be right back in the situation they were in before declaring.
This is the fate for the famous rapper who calls himself DMX. The successful rapper has encountered a great deal of legal trouble in recent years, leading to a declaration for bankruptcy in July of this year.
However, following the declaration, DMX apparently failed to provide sufficient information to the court. Authorities require substantial financial information in order to move forward with the bankruptcy process; DMX apparently supplied inaccurate or inconsistent information. Citing an absence of trustworthy information, the bankruptcy court judge dismissed the case.
This isn't the first bankruptcy case DMX has seen dismissed. A filing in 2009 was also dismissed after he failed to provide information in a timely manner. Following this most recent dismissal, he will not be able to reapply for 18 months.
Cases like this on illustrate the importance of following the court's directions carefully, and seeking out assistance when necessary. Having a bankruptcy dismissed is a major financial setback, but one that can be avoided with due diligence.
Source: USA Today, "Rapper DMX's bankruptcy filing tossed" Ernie Garcia, Nov. 11, 2013