Famous Music Producer Files for Bankruptcy

People from all walks of life get into financial problems. It doesn’t matter if you’re rich or poor; if you make mistakes managing your money then you could end up in a position where you have to consider bankruptcy. Likewise, some people who do a great job of managing their money go through financial problems as well, for no fault of their own. There are many unexpected circumstances in life that can lead a person to file for bankruptcy. However, whether you have caused your own problems or you they are due to causes out of your control, speaking with an experienced bankruptcy attorney is a good idea.

A former hip-hop mogul has filed for bankruptcy after claiming he has only $100 in cash left to his name. Scott Storch, who once valued his companies, Storch Music and Tuff Jew Productions at about $70 million now claims he has $100 cash, $500 worth of clothing and a $3,000 watch. The producer and hip-hop artist, who once owned a huge mansion in Miami along with a large yacht and several other expensive assets, now says his debt is $4.4 million. This is not the first time the famous music producer, who has worked with some of the industry’s biggest stars, like Chris Brown and Beyonce, has filed for bankruptcy.

Back in 2009, Mr. Storch filed for Chapter 13 bankruptcy after wasting about $30 million on a wild and reckless lifestyle over a three-year period. At that time he lost his $10 million mansion and spent time in rehab. This time around, Mr. Storch chose Chapter 7, instead of Chapter 13. He says he now spends about $400 a month on personal transportation, $100 a month on clothing items and about $800 on entertainment.

This goes to show that anyone can get into financial trouble, no matter how much money they have made or how successful they have been. Even some of the country’s most successful people have ended up filing for bankruptcy. Don’t feel ashamed if you have to choose bankruptcy in order to get out of debt. Bankruptcy can actually be a good thing. If you are experiencing difficult financial circumstances then please don’t be afraid to contact the Whitten & Whitten right away. As an experienced Merrillville bankruptcy law firm, we’ll listen to your concerns and answer your questions. Give us a call in Merrillville at 219-756-0555, or click here to contact us online.