If Slim Doesn’t Pay Up, He Could Lose Home For Good
112’s embattled lead singer Slim has scored a win in his bankruptcy case, but he’s not out of the woods yet.
A judge last week OK’d the former Bad Boy Records artist’s bankruptcy plan, which means Slim won’t have to sell off his suburban Atlanta townhome to pay debts to creditors like the IRS and his two baby mamas as long as he makes the monthly payments.
In fact, he’ll get to keep his house as long as he pays on time within the next five years. But not paying was what sunk him the last time he filed for bankruptcy in 2014. The court dismissed Slim’s claim because he only paid $1,500 of his $6,000 payment plan.
Under Slim’s new repayment plan, which a judge approved Nov. 10 in U.S. Bankruptcy Court in Atlanta, the singer will have to pay $1,972 a month until 2020 in order to pay back Uncle Sam, two baby mamas and bring his mortgage payments up to date.
The father of three filed for bankruptcy in May, claiming that he owed more than $300,000 on house payments, state and federal taxes and back child support. Slim, real name Marvin Eugene Scandrick III, said he makes $12,000 a month, but has $10,000 in expenses.
“He’s relieved he’s on his way to getting everything straightened out,” Slim’s lawyer Danielle Elliott told BOSSIP.
In the meantime, Slim’s been making money with club appearances. He was set to perform at a strip club in Sacramento, Ca. Nov. 14.
His new payment plan includes $50 a month to his sons’ mothers to pay back nearly $4,000 in back child support, as well as $1,700 a month to pay the $64,000 he owes on his house. He’ll also have to shell out nearly $2,000 for back taxes and $5,000 in lawyer’s fees.
Creditors on the remainder of Slim’s debt – about $42,000 – will eventually be paid back through a pennies on the dollar deal where they’ll see about 70 percent of that money back.