Snoop Dogg recently reflected on a time in his life when he faced financial instability but refused to consider bankruptcy, driven by concerns about the potential impact on his reputation as a Black artist. During a recent episode of the “Business Untitled” podcast, which aired on Dec. 6, the Long Beach rapper opened up about the challenges he encountered.
“There were times in my career where it got so bad my accountant was like, ‘We should just do bankruptcy,’” the Long Beach rapper recalled. “My pride got involved. F— that. If I say bankruptcy then I look like I f—ed off everything.”
Snoop Dogg went on to explain that he felt his filing for protection would be viewed differently than if a white artist had done the same.
“They started telling me, ‘Well, this artist did it and this person did it.’ I said, ‘None of them muthaf—s Black! You ain’t name nobody that look like me!’
The rapper did not specify when he was going broke and which protection he needed.
Chapter 7 is a form of bankruptcy that involves the liquidation of the debtor’s non-exempt assets to pay off creditors. A court-appointed trustee sells the debtor’s non-exempt property, and the proceeds are used to repay creditors.
Chapter 13, on the other hand, is a form of bankruptcy that allows individuals with regular income to develop a plan to repay all or part of their debts over a three to five-year period without liquidating assets to pay off creditors.
Today Snoop Dogg has an estimated net worth of $150 million and numerous corporate partnerships.
Hip-hop and Bankruptcy
Snoop Dogg is not the only rapper who was faced with bankruptcy.
As Finurah previously reported, 50 Cent was once $36 million in debt and filed for Chapter 11 bankruptcy protection — the recognition of restructuring a business entity’s debts while continuing to operate — to lessen the burden of repaying those he owed money in court. Not to mention he had piles of bills to cover.
The story of MC Hammer is a cautionary tale for rappers who are currently striving — things can change instantly. The “U Can’t Touch This” rapper had a staggering $30 million net worth in 1991, earning upwards of $33 million a year. He was a pop icon in the early stages of hip-hop, similar to what Drake is today.
That all changed when he overspent on cars, his mansion, and his entourage, and he settled a lawsuit with Rick James for purportedly ripping off his signature “Super Freak.”
In 1996, MC Hammer had more than $13 million in debt and filed for Chapter 13 and Chapter 7, both of which were denied. He infamously sold his mansion for a fraction of its construction cost.