(EXCLUSIVE) Update: 112 Member Slim Files for Bankruptcy w/ $540K in Debt, Made Only 3k in Music Royalties
unless the other members of 112 agree to do so, which include the hit song, “Peaches and Cream”.
His debts include $272k owned on his mortgage and another $32k on a second mortgage he took out, $2,500 in child support and 1$0k in back taxes.
Slim says that he is self employed and an entertainer and claims that he currently brings in ZERO dollars a month from his work but does make $5k a month in interest/dividends and around $600 a month from music royalties — but his monthly expenses total $4,350 which leave him only with $1,250 a month which doesn’t allow him to pay off his debts. He also pays out $1,100 a month in child support for his 3 kids. The bankruptcy is still pending with the musician’s debt yet to be discharged.
**Update**
Slim’s team has released the following statement:
Slim did file for chapter 13 bankruptcy to restructure his assets but he is not under any financial stress and is not having any difficulties meeting his current financial obligations. ~Domenick Nati (Nati Celebrity Services)
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Not surprised. Signing deals with Diddy was like signing your soul to the Devil. He’s rich, but everyone who got him there is broke and/or suffering.
True, but this is a prime example of how we as Black folks need to learn how to build assets. As you can see clothes, shoes, fancy cars, and even homes are not assets. (A home can easily became a liability). We need to learn how to generate more wealth from our earnings. Looks like he’ll have to downsize, work some deals with his creditors, and figure out how to make money in the meantime. I wish him the best.