Rapper’s Debt Slashed As He Begins Paying Back Bank, IRS And Baby Mamas
Trick Daddy has managed to keep his house and his creditors at bay despite filing for bankruptcy and the bank moving to foreclose his home, BOSSIP has learned.
Over the summer, Chase Bank sued to foreclose on the Miami rapper’s Miramar, Fl. home after a Broward County Circuit Court judge ruled he was in default for not paying for almost three years. Trick filed for bankruptcy about a month later, and said despite pulling in $14,000 a month, he owed $280,000 on his delinquent mortgage, two baby mamas $57,000 in back child support and $290,000 to the IRS.
But the Miami rapper’s repayment plan was OK’d this week, slashing his debt but requiring him to make monthly payments totaling $10,276 for the next four years, his Oct. 26 bankruptcy filing in U.S. Bankruptcy Court of Southern Florida shows.
Trick Daddy told us that his wayward finances were the result of his advisors badly managing his money.
“It’s just something where I had a financial advisor and people doing my taxes and I missed one year,” Trick said. “I ended up paying so much more with the fines and penalties. This ain’t no Wesley Snipes thing.”
Trick now owes $120,000 on his home’s mortgage – down from $280,000, and $37,000 in back taxes, down from $290,000.
“It’s the best thing,” he said of his bankruptcy plan. “I come from the struggle. Now all I gotta do is get that money.”
But Trick didn’t get off the hook for paying back child support to his children’s mothers. He still has to pay one woman $22,280, and the other woman $55,000 – up from $35,000 – because the rapper said the state continued to bill him for child support even though he wasn’t aware of the order and the courts didn’t know where he was.
If he doesn’t pay up on time, a judge could revoke his bankruptcy and make him liable for the full amount of his debt.
Trick’s lawyer, Michael A. Frank wouldn’t comment for this story.
Trick, who we earlier reported is now hawking his own line of spices, “B***h I Got My Pot,” said he’d like to expand his business into a reality cooking show, as well as release a line of affordable cookware.
“Now I’m going to put out a container line and a pots and pans line,” Trick Daddy said. “I’m going to make it affordable for the people.”