Trick Daddy is in a world of hot water — and this time, it’s with the courts.
The rapper and former radio show host — who hit a world of a mess when he got stung by the BeyHive after snarking that its Queen, Beyoncé, couldn’t sing — is in default on his Chapter 13 bankruptcy filing.
Court documents obtained by Radar Online reveal that Trick Daddy owes nearly $23,000 to bring his Chapter 13 bankruptcy filing current. He has 45 days to cure the debt, or he will be deemed in default. If he fails to come up with the nearly $23,000 owed to the courts, his bankruptcy will be discharged, and collection efforts can begin anew on his assets.
And that’s not all he owes. According to the outlet, he’s delinquent by $300,000 to the IRS. He also owes $60,000 in back child support.
What’s more, the “Naan” rapper revealed to the courts that he has more than $800,000 in debts, but less than $400,000 in assets. He’s underwater on his South Florida home — though he owes $435,000 on the home, the listed value with the courts is $350,000. He also told the court that he has only $100 worth of clothing, $1,500 worth of furniture, and no money in his bank account. That’s a long way from his days on “Love & Hip-Hop: Miami,” when he was making $10,000 a month. And when his radio show with rapper Trina got canceled, that was another hit to his pockets.
Celebrity Net Worth reveals that Trick Daddy (real name: Maurice Young) has a $150,000 net worth.
Trick Daddy: What does his bankruptcy filing entail?
In October 2019, Trick Daddy filed for Chapter 13 bankruptcy, according to XXL Magazine.
There are different types of bankruptcy filings in the United States. Chapter 11 is the best-known type of bankruptcy because it’s most often used by businesses who wish to reorganize their debts.
For personal bankruptcy, however, there are two options. The first option is the Chapter 7 option, which wipes out all debts associated with the borrower — with a few notable exceptions. Mortgage obligations aren’t wiped out by Chapter 7 filings, and neither are car loans, child support debts, or student loans. Chapter 7, however, allows you to wipe out the debts associated with such secured loans, provided that the asset attached to these loans are sold off. For example, if you enter into Chapter 7 bankruptcy, and you have a car loan, you can wipe out the car loan if you sell the car and apply the proceeds to the debt. Upon the sale of the asset, the loan is wiped out.
The second bankruptcy option is Chapter 13, which is the type of bankruptcy that Trick Daddy is in. Under a Chapter 13 filing, your debits and credits are given to a trustee, who then “balances your budget” in a manner of speaking. Once your trustee reorganizes your debts into a reasonable payment plan, you make the payments every month to the court until the debt is satisfied. You are then discharged from bankruptcy, with all your debts satisfied.
