Too Short Bankruptcy Reveals How Much He Made In Royalties
theJasmineBRAND exclusively reports, Too Short (real name Todd Anthony Shaw) is still bringing in a few coins from his music royalties. Last month, docs were filed in the 51-year-old’s long running bankruptcy which revealed the trustee presiding over the case has come into some money.
The trustee says during the bankruptcy – which was filed back in 2006 – he has collected over $200k in music royalties.
Last year, Too Short pulled in $40k in royalties for songs that the trustee has control over. He explains he will have to pay taxes on the royalties and is asking for the judge’s permission to pay the federal and state taxes.
Here’s the backstory: Too Short filed for Chapter 7 bankruptcy back in 2009 in Georgia Federal Court. At the time, he listed his assets as $544,650 and liabilities totaling $1,889,903.13
His assets included his home in GA worth 500k, 3k in his checking, 15k in household goods, $250 in costume jewelry, 3k in clothing and a 2005 Dodge Magnum.
He owed over 275k on his GA home, 17k on his Dodge but the biggest creditor was the estate of James Ellerbee – who Too Short was involved in a head-on collision in his hometown in 1991, which killed 22 year-old-Ellerbee. The rapper had reached a 1 mill settlement with his parents over the accident. He lists the amount owed as 1 mill. He also owed 450k to the IRS.
Too Short listed his income as 7k a month but he spent 1k on clothing, 3k on his home, 500 on entertainment and various other expenses totaling 10k a month in expenses. The case is still active and creditors are still being paid off.