Another day, another music industry heavyweight has reportedly hit hard times.
This week, it’s Atlanta-based music prouder Jazze Pha (real nam Phalon Alexander) who has filed for bankruptcy protection.
News leaked earlier today that Jazze Pha has been undergoing a bit of monetary woes.
If you don’t know, Jazze has made hits for everyone from Usher, Toni Braxton, Ciara, Missy Elliot, Mary J. Blige, Lil Wayne, Rocko… (the list goes on & on) but apparently his royalty checks aren’t covering his expenses.
The legendary producer filed Chapter 13 bankruptcy on April 28th in Georgia, and according to documents obtained by TheJasmineBrand, Jazze says he’s drowning in over $625k owed to creditors and has less than $590k in assets.
His assets include $3k in his bank account, $60 in cash on hand, his 2 music companies are worth $1k each, the producer is owed $10k in royalties, his Georgia home along with along with a 2010 & 2015 Cadillac Escalade, $30k in household goods, $1k in electronics, $1k in clothing & $1k in jewelry (necklace).
The liabilities listed include $64k owed on the 2015 Cadillac and close to $8k on the 2010 vehicle, $252k in back taxes to the IRS, $1,100 related to his Georgia property, $310k to Suntrust Mortgage over his home, along with additional debt to Uncle Sam (amount to be determined), $1,500 to Chase for a credit card.
According to court documents, Jazze says he’s only earned $30k so far for 2016 and last year he only made $65k from his business. He lists his monthly income as zero but his company reportedly earns $14k per month.
As far as his monthly expenses, TJB reports:
Jazze spends over $2,600 every month for his home, $1,400 on tax escrow, $650 on entertainment costs, $600 on food and various other expenses for a total of $7,741 in monthly bills, which deducted from his monthly income leaves him with a total of $6,259 a month.
Jazze Pha has composed hits for T.I. Young Joc, Young Jeezy, Lil Jon, Ludacris and a slew of others over the years, so this news is quite surprising.
The newly filed bankruptcy is still pending in Federal Court.
Meanwhile, after news of the bankruptcy was leaked, Jazze hit social media with the following response:
One thing’s for sure, Jazze’s certainly got the skillllz to pay the billlllz!
What do you think of news of Jazze Pha’s bankruptcy?
Shocked? or Nah?