Da Brat’s Funkdafied Finances Lead to Bankruptcy
Da Brat burst on to the rap scene in the 1990’s becoming the first female rap artist to have a platinum album (Funkdafied). While artists do not always amass a fortune, she has made over $3 million in her career. We are a long way from the 1990’s and Da Brat has found herself in bad financial state. Let’s review the latest celebrity bankruptcy!
How Does Someone Blow Over $3 million?
Well, to start, she has not put out an album since 2003 and that album did not do very well. Those familiar with the music business know that a production studio fronts the money required to make an album and then they take a cut of album sales until they get their money back plus a small percentage. When an album does not do well, the artist is on the hook for the money. Right now, Da Brat owes Sony Music over $1 million. On top of that, she owes:
- Ally Bank – $12,000
- Georgia Department of Revenue – $2,000
- IRS – Unknown amount, but she was recently fined $1 million for not paying taxes.
- Credit Card Debt – $2,000
The Final Blow
In 2007, Da Brat assaulted a waitress with a rum bottle in an Atlanta nightclub. The waitress suffered enough facial cuts and bruises that she went to the hospital and later pursued compensatory damages. Da Brat went on to plead guilty and was ordered by the court to:
- Pay the victim $6.7 million in damages.
- Accept a 3-year prison sentence.
- Do 200 hours of community service.
The $6.7 million in damages really put Da Brat on the path to chapter 11 bankruptcy. According to theblast.com, her assets total at $108,700 and her liabilities equal just under $8 million……ouch.
Maybe you did not smash a bottle of rum over the head of a waitress. Maybe you did not finance a failing music career. However, you may find yourself in a position where filing for bankruptcy is the best thing you can do to protect yourself. If you think this might apply to you, contact Elias Dsouza at Dsouza and Strachan Lawgroup Group. Elias can guide you through the complexities of bankruptcy and get you back on track.