It doesn’t seem that long ago when Jazze Pha and Lil Jon were ruling the crunk era of Hip-Hop music and turning dance floors into bow throwing calisthenics classes. Although those days are long gone, it appears that Jazze Pha continued to live as if he were still one of the top producers in the game, and is now filing for bankruptcy as a result.
We probably should’ve seen this coming as early as 2011, but now reportedly the man who produced hits for the likes of Lil Wayne, Ciara, and Usher finds himself $625k in debt to creditors at a time when he claims to have only grossed $65,000 last year and $30,000 so far this year.
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.
Rappers and producers living beyond their means is nothing new (just look at 50 Cent).
But in an era where there’s countless ways to save, invest and sustain a respectable way of life, we’d hope that today’s entertainers would make better life decisions and not let public perception dictate how they live their lives and spend their money.