AceShowbiz -

Hip-hop artist and actor DMX has filed for Chapter 11 bankruptcy in Manhattan on Monday, July 29, citing he owes around $1 to $10 million in debts and has only $50,000 left in assets. The 42-year-old rapper, whose liabilities include $1.24 million in child support and a $21,000 auto lease, hoped that by filing for bankruptcy, it would enable him to "reorganize my financial affairs."

"DMX's financial strains have been inhibiting his career for several years. Poor financial management by prior representation have caused him to be ineligible to retain a passport," read a statement released by the artist's publicist. "The purpose of this bankruptcy filing is for reorganization so he can perform for his fans overseas. We are currently planning a tour in Europe and Africa for the fall of 2013."

The bankruptcy claims come within only a few days after DMX was arrested in South Carolina under suspicions of driving under the influence and driving without a license. But after passing a breathalyzer test while in prison and posting a $1,235 bail, the MC was subsequently released.

DMX had his breakthrough back in the late '90s with his best selling album "...And Then There Was X" which featured his hit "Party Up (Up in Here)", then hit the big time with acting roles in such films as "Romeo Must Die" and "Cradle 2 the Grave". He reemerged in 2012 with the release of the album "Undisputed".