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Music Producer Owed $4.3 Million In Debts Scott Storch can breathe a little easier about his financial situation after a federal court judge discharged the majority of his more than $4 million debt in his bankruptcy, which means most of his money problems have been wiped clean. Last year, Storch – who was once worth an estimated $70 million for his work in producing music for Beyonce, Justin Timberlake and many more – filed for Chapter 7 bankruptcy, and claimed he had less than $4,000 in assets to his name. His assets include $100 cash, $500 in clothing, a watch worth $3,000, several music companies valued at $0 and no other property. But his liabilities came out to $4,393,679, including $105,000 owed on an automobile, $46,000 in legal bills, thousands unpaid to collection agencies, a $1.5 million judgment plus another $2.1 million judgment from lawsuits, $68,000 to Mandatory Entertainment, $294 to a collection attorney for Direct TV, $22,000 the state of Florida for unpaid taxes and various other creditors. Storch listed his occupation as musician/producer and claimed to bring in $4,000 a month. But he said he spent $1,200 on food and household supplies, $400 on childcare and education costs, $100 on clothing and dry cleaning, $200 on personal care products, $250 on medical bills, $400 on transportation and $800 on entertainment – leaving him with $650 after he pays all his expenses. The music producer hit financial troubles back in 2009 and filed for Chapter 13 bankruptcy claiming he had assets in the $0-50,000 range but liabilities in the $50,000-$100,000 range. The case was dismissed because Storch didn’t fill out the required documents in the bankruptcy. Back in the early 2000’s the music producer was worth an estimated $70 million dollars, but he said he went broke because of a raging cocaine habit and living the high life. He also lost his mega-mansion to foreclosure and was slapped with numerous lawsuits over unpaid bills. Then on August 30th, Storch finally got some good news about his finances with the federal court judge discharging his massive debts. The order will wipe clean the majority of his $4.3 million debt, with exceptions being most back taxes, child support obligations and other debts related to criminal restitution or fines. Storch has been given a fresh start to rebuild his finances but the case will continue on with the trustee figuring out how to pay back his many creditors.

See the article here:
BOSSIP Exclusive: Judge Clears Scott Storch’s Massive Bankruptcy Debts