New Jersey hip-hop fans may recognize the name Scott Storch, who has worked with artists such as Beyonce, Justin Timberlake and Dr. Dre. At the height of his career, he was worth an estimated $70 million. He admits that bad financial choices led to his need to file for Chapter 7 bankruptcy.
Storch says his cocaine habit caused him to make impulsive purchases worth millions of dollars. At one time, he owned a mansion, 13 luxury cars and a pinkie ring worth $3 million by itself. He took lavish trips that could cost up to $250,000 just for airfare if he was traveling overseas. He could easily spend a half a million dollars on shopping sprees.
Eventually, things took a turn for the worse, and he now claims to have $4.4 million dollars in debts. He says his assets only include $100 in cash, $500 in clothes and a $3,000 watch. Supposedly, his companies, Storch Music and Tuff Jew Productions, have no value anymore. In 2009, he was forced to change his spending habits, and has since been to rehab and jail in connection with his cocaine habit.
Now, he is hoping to obtain a fresh start financially through the filing of a Chapter 7 bankruptcy. Most New Jersey residents might not be able to understand having millions of dollars in debt, but it can certainly feel that way when they are struggling with overwhelming debt. Everyone makes mistakes financially, and sometimes, it can be difficult to bounce back from those mistakes. Fortunately, the United States Bankruptcy Court is there to help qualifying individuals get through tough financial times.
Source: The Huffington Post, "Scott Storch Files For Bankruptcy After $70 Million Fortune Dwindles To $100 In Cash", Cavan Sieczkowski, June 25, 2015