Friday, May 24, 2024

Petey Pablo: Rapper in Danger of Losing Chapter 13 Bankruptcy

financial problems

*Rapper Petey Pablo is reportedly in danger of having his Chapter 13 bankruptcy thrown out of court.

According to the celebrity news site, a trustee in the case is accusing Pablo of “refusing to make his monthly debt payments” and screwing them out of $6,500.”

Last year, Petey —real name Moses Barrett – filed for Chapter 13 bankruptcy in North Carolina. It marked the 3rd time he has filed for bankruptcy since 2009. The previous cases were dismissed due to him failing to make good on his re-payment plans to creditors.

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Via theJasmineBRAND:

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.

Earlier this month, the bankruptcy trustee asked the court to dismiss the Chapter 13 due to Petey’s delinquency. He is also accused of failing to provide the trustee with copies of his 2016 Federal tax returns.




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