The Journal News reports that a bankruptcy judge in White Plains dismissed the 42-year-old rapper's July 29 Chapter 11 filing on Friday.
The hip-hop star's real name is Earl Simmons. The judge's move means he could lose his possessions including his share in a home in suburban Mount Kisko.
Simmons' biggest debt is $1.3 million in child support owed to some of the 10 children he has fathered.
U.S. Trustee Tracy Hope Davis said Simmons failed to provide trustworthy information in his bankruptcy filing.
Simmons' publicist Domenick Nati said he was unaware of the court hearing.
Simmons was arrested Monday in South Carolina on charges including driving with a suspended license.