Music producer Jazze Pha (aka Phalon Alexander), son legendary Bar-Kays bassist, James Alexander, has made hits for many of our favorite “A” list artists, but word from the curb reports that his failure to live within his means has caused Jazze to file Chapter 13 bankruptcy in a metro Atlanta, GA court, detailing how he’s drowning in over $625k in debt. (dude, you knew your coinz were thin so why buy a $60k+ Escalade….boy, bye)
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. (To quote the late Lisa” Left Eye” Lopes once said “everyone get ready to do your math.”)
Sources say 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. Jazze Pha has allegedly been banned form the majority of Atlanta recording studios due to a laundry list of unpaid bills going back more than three years.
Jazze recalled his first big production deal that he signed with Cash Money Records where he produced records on Lil Wayne, Birdman and several of the label artists. “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 produced records a wide range of Grammy® award winning artists such as Mary J. Blige, Mariah Carey, Toni Braxton and Chris Brown as well as hits for Atlanta -based Usher, T.I. Young Joc, Young Jeezy, Lil Jon, Ludacris, Ciara and many others over the years. Sadly, those royalty checks aren’t paying the bills or he didn’t, as the late comic Robin Harris suggested “keep your eyes on your luggage!”
He joins a long and diverse list of celebs such as Dionne Warwick, Natalie Cole, comic Chris Tucker, sports legend Mike Tyson and of course, Toni Braxton (she knows) who have gone the route of bankruptcy once or twice.