theJasmineBRAND.com exclusively reports, Jazze Pha blew off his Chapter 13 bankruptcy for months – which he filed earlier this year claiming he only had $60 in cash on hand and over $625k owed to creditors – and now a Federal Court judge has thrown out the entire case. Unfortunately, this leaves the music producer on the hook for his massive debt without the court’s protection.
Here’s the latest: On August 18th, the Federal Court judge came back and sided with the trustee by throwing out the case and officially dismissing the Chapter 13 the same day. The dismissal of the bankruptcy leaves the music producer on the hook for his $625k+ debt, without the protection of the court. This means his creditors could begin the process of collecting on the money owed to them by seizing assets and property from the hit maker.
Here’s the backstory: On April 28th, Jazze (real name Phalon Alexander) filed for bankruptcy in Georgia.
According to the court documents, the music producer – who runs his company Futureristic Entertainment – has less than $590k in assets and over $625k owed in liabilities to creditors.
The producer said his gross income for this year came out to $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 were listed as $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.
The liabilities listed included $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 said he 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 music producer has made numerous hits for everyone including Nate Dogg, T.I. Young Joc, Young Jeezy, Toni Braxton, Lil Jon, Ludacris and many others — but those royalty checks don’t seem to be helping him pay off the debt that he’s accrued.
Recently, the trustee presiding over the bankruptcy went to court demanding Jazze’s entire case be thrown out due to the music producer blowing off the court’s order.
The trustee explained that the producer failed to attend a court hearing, never provided his 2015 Tax Return documents, failed to provide evidence showing he paid his monthly support obligations or his mortgage since he filed for Chapter 13. They stated that he also refued to provide proof of monthly expenses he claimed for transportation and home maintenance.
Further, he was also accused of trying to claim an exemption of $10k from his music royalties, despite owing massive amounts to creditors in the case. The trustee demanded Jazze’s entire bankruptcy be dismissed for him blowing off the courts order.