theJasmineBRAND.com exclusively reports, Petey Pablo has returned to court in his bankruptcy and the newly filed docs reveal his dire financial situation with the rapper having no cash on hand and drowning in over $259k in debt.
Here’s the backstory: The “Freek-a-Leek” rapper filed for Chapter 13 bankruptcy earlier this year in North Carolina. Pablo – real name Moses Barrett – has assets in the $0-$50,000 range and liabilities in the same ballpark. The new case is the 3rd 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.
Here’s the latest: On June 23rd, the rapper headed back to court and filed docs in the bankruptcy which reveal his dire financial situation. The documents state Petey has only $50,650 in assets but currently has $259,361 in liabilities aka debt owed to creditors. His current monthly income is only $7,800 but he spends $5,550 a month on expenses.
The rapper’s assets include a 2002 Jaguar S-Type Sport car worth $2,575, 2003 H2 Hummer worth $12,825, a 2002 Cadillac Escalade worth $5,300, household goods worth $2,800, clothing estimated to be valued at $1k and $500 worth of jewelry. He says he currently has $0 dollars on him and only $300 in his Wells Fargo account, butsays he should be owed around $25k in music royalties.
Petey’s liabilities include a $100k tax lien filed by the IRS, another lien over unpaid Federal Taxes in the amount of $65,075, $1,425 in unpaid State taxes, $10k+ to law firms, $66k owed to Ford Motor Credit, unknown debt owed to Planet Fitness, $515 to Raleigh Emergency Medical Association, $37 dollars over an unpaid medical bill, another $1,155 to UNC Health Care and various other unpaid debts.
The rapper lists himself as a self-employed recording artist and his only income comes from renting property/owning a business and that brings him $7,800 a month.
His expenses include $140 on tobacco products, $500 on entertainment/clubs/recreation costs, $500 on clothing and laundry, $1,700 on income taxes and numerous other bills.
Every month, the rapper ends up with a surplus of $2,250 but it still isn’t enough to pay off his massive debts to his creditors. Last year he says he only made a total of $54,075 for income.
The bankruptcy is still pending in Federal Court.