Petey Pablo's going back to what he seems to know best ... bankruptcy.
According to the docs Pablo recently filed, he's less than $50k in the hole -- so it doesn't look like he's exactly going belly-up.
The "Freak-A-Leek" rapper filed Chapter 13 ... which means he's planning to pay back his creditors, and just wants to set up a payment plan.
Petey's kinda wearing out this path -- he also filed for bankruptcy in 2009 and 2010.
The 2010 filing came right before he was arrested for bringing a stolen, loaded handgun through airport security ... for which he did a little over 2 years.
Maybe that explains bankruptcy #3.