Legendary music producer Jazze Pha (real name Phalon Alexander) has made hits for many of your favorites artists, including Usher, Missy Elliot, Mary J. Blige, Ciara and Lil Wayne, but theJasmineBRAND.com exclusively reports that his royalty checks aren’t covering his expenses. Jazze filed Chapter 13 bankruptcy last month in Georgie, detailing how he’s drowning in over $625k in debt.
According to the court documents, the music producer and CEO of Futureristic Entertainment, has less than $590k in assets and over $625k owed in liabilities to creditors. He says his gross income for this year has only been $30k, and last year he only made $65k from his business. His company takes 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 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.
In his interview with Live With Steve Lobel back in March, Jazze recalled his first big production deal that he signed with Cash Money Records.
“They gave me my first big production deal,” Jazze says. “I don’t know if you know, but I did a 50-song deal with them. The first one ever of its kind.”
Jazze has since produced records such as Big Tymer’s “Still Fly,” Birdman’s “Do That” featuring Puff Daddy, and Lil Wayne’s “I’m Way More Fly Than You,” as well as hits for Nate Dogg, T.I. Young Joc, Young Jeezy, Toni Braxton, Lil Jon, Ludacris and many others over the years. Sadly, those royalty checks ain’t paying the bills.
(Photo Source: Instagram)