Damon Dash, co-founder of Roc-A-Fella Records alongside Jay-Z and Kareem “Biggs” Burke, has filed for bankruptcy in Florida after a prolonged period of financial hardship and legal challenges.
The court filings reveal Dash’s liabilities total a staggering $25.3 million, while he reports having no monthly income at all. He lists no ownership of real estate, vehicles, or electronics, apart from a $500 cell phone.
His declared assets are minimal…just $4,350, which includes the phone, two firearms, some clothing, and $100 in cash. He claims to have approximately $4,000 in his bank account.
The bankruptcy documents outline major debts of over $647,000 in domestic support obligations, including $19.1 million owed to the government in taxes and related liabilities, and substantial amounts owed to his ex-wife, fashion designer Rachel Roy, as well as Cindy Morales and Linda Williams, the mothers of his other children.
Dash is seeking Chapter 7 bankruptcy protection, a move that follows several years of lawsuits and public disputes, all of which have placed considerable strain on his finances.
Speaking to Billboard, Dash’s attorney Brian Zinn explained that Chapter 7 bankruptcy is a “strategic decision that allows individuals to reorganize their finances and get a fresh start.”
“Bankruptcy is a legal tool that many successful people have used to restructure their obligations,” he added.