Music producer Phalon Alexander, known by fans around the world as Jazze Pha, has filed for bankruptcy. Having worked with our favorites artists, including Usher, Missy Elliot, Mary J. Blige, Ciara and Lil Wayne, he is now in more than a half million dollars in debt.
Here’s what we learnedVia theJasmineBRAND.com:
His assets include $3k in his bank account, $60 in cash on hand, his two music companies are worth $1k each, the producer is owed $10k in royalties, his Georgia home along with along with a 2010 and 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.
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.
Based on his recent Instagram posts, Jazze Pha is still putting in work in the studios with artists. Unlike 50 Cent, he isn’t posting photos of stacks of money. He writes:
jazzephaI Got 99 ways to get me some money!! @Rocko2Real Mixtape #WordPlay2Droppin 2Night at 8pm and U might as well put ya bid in for Production & features asap cuz prices goin waAaay up after this 1!!!#WordPlay2 #WP2 #Shine #99Wayz#Rocko #IllListen Jazzephalistens.com jazzephalistens.com still #moolahseason