theJasmineBRAND.com exclusively reports, music producer Jazze Pha (real name Phalon Alexander) has made hits for everyone from Usher, Missy Elliot, Mary J. Blige, Ciara & Lil Wayne, but his royalty checks aren’t covering his expenses. The legendary producer is filed Chapter 13 bankruptcy on April 28th, in Georgie, explaining he is drowning in over $625k owed to creditors.
The producer says his gross income for this year has only been $30k and last year he only made $65k from his business. His monthly income is listed as zero but his company racks in $14k per month.
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.
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.
The producer has composed hits for Nate Dogg, T.I. Young Joc, Young Jeezy, Toni Braxton, Lil Jon, Ludacris and many others over the years, but unfortunately, those royalty checks don’t cover the debt that he’s accumulated. The bankruptcy is still pending in Federal Court.