Bankruptcy Law, Timothy Kingcade Posts

Florida Music Producer Files for Chapter 7 Bankruptcy as His $70 Million Fortune Dwindles

Music Producer Scott Storch recently filed for bankruptcy in Florida, after allowing his once $70 million fortune to dwindle down to just $3,600 in assets. The hip hop prodigy had once been highly successful, producing popular hits for Snoop Dogg, Justin Timberlake, Christina Aguilera, and Beyonce. At 41 years old, Storch has managed to land himself $4.4 million in debt, according to the Daily News.

Exotic cars, prime real estate, jets, and lavish jewelry were among the items Storch spent his millions on, prior to his bankruptcy. Now, Storch has only $100 in cash, $500 in clothing and a $3,000 watch to his name. The court filing reveals that Storch valued his corporations, Tuff Jew Productions and Storch Music at $0. This comes as a shock, for a millionaire who once held night-long parties at his exclusive Palm Island 10-bedroom mansion in Miami and owned a luxury 117-foot yacht.

This is not the first time Storch has suffered financial woes due to his extravagant lifestyle. In 2009, he was reported to have blown an estimated $30 million in just three years. That same year, he filed for Chapter 13 bankruptcy and his $10 million waterfront mansion was foreclosed on.

In an interview with MTV, Storch acknowledged that his poor decisions had caused him to become poor financially. He also referred to his lavish expenditures as, “ego investments,” which have now forced the producer to change his entire lifestyle.

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at