mathew knowles - alexsandra wright*Good lord! Talk about the bottom falling out. That’s the situation it seems Mathew Knowles is in these days.

Knowles who was once the HNIC of Team Beyonce/Destiny’s Child, making gazillions in the process, is now down and out and can barely pay child support.

TMZ is reporting that things are so raggedy for Knowles that he went to court to have the support payments slashed because his income has plummeted in radical fashion:

Knowles asked a judge to reduce the $12,000 monthly child support he pays to baby mama Alexsandra Wright (pictured above), with whom he has a 3-year-old son. 

Knowles — who made $3 million a year before his daughter fired his ass in 2011 — now says he pulled in a relative paltry $127K in 2013. 

And, Knowles says, even though his income has been slashed, his expenses remain sky high — $51,000 a month.  To make up the shortfall, he’s liquidating his assets.

The family court judge apparently validated his financial plight, and reduced his child support to $2,485 a month.

That’s not exactly great news for Ms. Wright, who’s also getting $300 a month in food stamps, but it sure beats ZERO.