Credit: Timothy M. Moore

Dame Dash has officially filed for bankruptcy. The record executive, best known for co-founding Roc-A-Fella Records with Jay-Z and Kareem ‘Biggs’ Burke, is reportedly in debt of $25 million.

The 54-year-old filed the documents in Florida last week, in which he claimed he only had $4,350 in possessions.

According to Rolling Stone, Dash stated he had no monthly income, house, car, traded stocks or retirement account.

As far as assets, he claims he has as little as $100 in cash to his name. Among his other items are two guns, furs, jewellery, designer clothes, TVs, computers, and electronics.

His debt includes $19 million in back taxes, a $4 million default judgment to filmmaker Josh Webber, and $650,000 in domestic support obligations.

Dash wasn’t embarrassed about the bankruptcy filing. In an Instagram post on September 5th, he wrote, “Now let’s get to work #staytuned.”

He previously addressed his financial struggles in an Instagram video last year, claiming his ambition put him in this difficult situation.

“Somebody asked me how I got so broke – investing in my dreams,” he said. “You know, when you’re investing in your dreams and you dream big, you’re always gonna be broke… or have a lot of shit. But I don’t have no money for nobody else. That’s what you call broke. But that’s what it is.”

Dash founded Roc-A-Fella in 1994 and managed Jay-Z during the early days of his career. He reluctantly signed Kanye West to the label in the early 2000s to avoid him putting pen to paper with another company.

Just last year, Dash described Jay as a “terrible” businessman while reflecting on their days of running Roc-A-Fella.