(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)

See the court docs.

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