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Ninth Annual Billboard Music Awards

The former lead singer of Next has fallen on some incredibly hard times, and he’s just filed for bankruptcy.

In 1997, Next was riding high off the success of their hit single “Too Close.” Fourteen years later, RL’s struggling to make ends. With little more than $3,500 in assets (notice we did not say cash), The Jasmine Brand reports that the singer is now drowning in debt.

Supposedly, he owes more than $116,000 to three different parties. The IRS is after him for $49,000; he’s even further in the hole with American Express due to a $61,000 tab. At $6,000, unpaid child support is the least of RL’s debts.

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All he has to his name is $50 in his pocket and different belongings that have a combined value of about $3,500, including clothes, recording equipment and a bedroom set.

In the bankruptcy filing, RL claims that he only makes about $777 a month as a self-employed recording artist. However, between paying the IRS $873 a month in back taxes and food (about $250 monthly), RL actually pays out more than $1100. This figure doesn’t include his $50 phone bill or the $714 he pays in support to someone that does not live with him.

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People wondering where all the money could have gone, might assume that he went broke because of frivolous spending. The singer’s publicist issued a statement earlier today to explain that RL really wound up in this position because he let the wrong person too close to his finances.

“To be clear, RL did in fact file for bankruptcy,” his rep said. “To be clearer, he did not LOSE or squander anything. Years ago, he was robbed by his accountant for a substantial amount of money and has been trying to rectify several matters, as the accountant, who also swindled several celebrity clients, is now deceased. As a result, TL filed for bankruptcy for the financial himself and his family, and he continues to recover from the situation.”

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