There is still a little more than a month before Jermaine Dupri and his So So Def family reunite for The So So Def 25th Anniversary CULTURAL CURREN$Y Tour. But one family member is reportedly facing financial troubles.
According to reports from The Blast, Da Brat has filed for chapter 11 bankruptcy. The “Funkdafied” rapper has accumulated over $7 million in debt meanwhile, they claim her assets total $108,700.65.
Brat’s bank accounts suffered a big hit due to $6.4 million owed to Shayla Stevens. Stevens sued Brat after taking a bottle to the head at a nightclub. Adding to Brat’s financial woes, she also owes Sony Music more than $1 million. Furthermore, $12,000 is to Ally Bank. $2,284 is owed to her creditors as well as the Georgia Department of Revenue. An undisclosed amount is owed the IRS too.
In 2018, it is believed that she earned $75,000 thus far. Last year she brought home $106,000 and $92,000 the previous year.
Monthly expenses total $10,506.55, however she brings in $9,319, still she remains $1,187 in the negative every month. Da Brat can start pulling her self out of debt by liquidating her material assets including a 1999 Mercedes ($5k), a 2014 BMW 328i ($15k), and a 2016 Jeep Wrangler ($23k).
All things considered, Da Brat isn’t the only woman of Hip Hop experiencing somewhat of a financial hardship. A few months Lil Kim filed for chapter 13 bankruptcy. With the So So Def tour kicking off soon it is our hope that Da Brat will be able to deliver good shows and get her finances in order.