(EXCLUSIVE) Scott Storch Graduates Debt School

As a musician/producer, Storch says he brings in $4k a month but he spends $1,200 on food and household supplies, $400 on childcare and education costs, $100 on clothing and dry cleaning, $200 on personal care products, $250 on medical bills, $400 on transportation and $800 on entertainment, leaving him with $650 after he pays all his expenses.

Scott Storch

The music producer hit financial troubles back in 2009 and filed for Chapter 13 bankruptcy claiming he had assets in the 0-50k range but liabilities in the 50-100k range. The case was dismissed due to Storch not filing the required documents in the bankruptcy.

Back in the early 2000’s, the music producer was worth an estimated 70 million dollars, having worked with everyone from Beyonce to Justin Timberlake — but he spoke about his financial troubles saying he wasted it all on a cocaine habit and living the high life. He also lost his mega-mansion to foreclosure and was slapped with numerous lawsuits over unpaid bills.

Then on October 5th, Storch filed a certification of debtor education for a online course he graduated from which taught him how to better manage his finances in the future, so he doesn’t end up in the same situation where he blew a reported $70 million dollars.

The class cost the music producer a total of $50 and is required by the court before his bankruptcy case can be completed and his debt discharged.

Follow us: @theJasmineBRAND on Twitter | theJasmineBRAND on Facebook | theJasmineBRANDcom on Instagram