Petey Pablo Accused of Owing $6,500
theJasmineBRAND.com exclusively reports, Petey Pablo is in danger of having his Chapter 13 bankruptcy thrown out of court. The trustee in the case is accusing the rapper of refusing to make his monthly debt payments and screwing then out of $6,500.
Here’s the latest: On July 5th, the bankruptcy trustee headed to court demanding the Chapter 13 be dismissed due to the rapper being delinquent in the amount of $6,500.
According to the docs, Petey is accused of failing to make 2.89 payments he agreed to in his repayment plan. Further, he has failed to provide the trustee with copies of his 2016 federal tax returns. As a result, the trustee is demanding the bankruptcy be dismissed, which would leave the rapper on the hook for his $260k in debt without the courts protection.
Here’s the backstory: Last year, The “Freek-a-Leek” rapper filed for Chapter 13 bankruptcy last 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.
The documents revealed Petey has only $50,650 in assets but currently has $259,361 in liabilities (aka debt owed to creditors). His current monthly income is listed as $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; a 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, but he says 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.
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.