Why Isaac Hayes Filed For Bankruptcy

May 2024 ยท 2 minute read

By 1976, Isaac Hayes was in a similar financial state as Stax, counting down the days until he hit bankruptcy. In his personal life, his third wife, Mignon Harley, filed for divorce, though she would change her mind and remain married to the singer for another decade. His second wife, Emily Ruth Watson, was still receiving child support payments and alimony (per Amomama).

In debt to Union Planters Bank to the tune of around $6 million, Hayes' output grew (via CNBC). Between 1973-1976, Hayes would record two albums each year (via All Music). However, the albums failed to generate the same sales as "Hot Buttered Soul" or his soundtrack for "Shaft" (per The Guardian). The dam finally burst for Hayes when he was forced to file for bankruptcy in 1976. The soul singer lost his home, most of his private property, and the rights to all future royalties earned from the music he had written, produced and/or performed to that point.

Hayes would continue to be a mainstay on the R&B charts and keep up his high level of productivity, recording albums in 1977, 1978 and 1980. He also expanded his creativity to acting in movies and television shows. Perhaps his most famous performance came as the voice for the popular character of Chef in the adult cartoon "South Park." He also acted in films and opened a chain of restaurants. In 2002, Hayes was elected into the Rock and Roll Hall of Fame (per Wall Street Journal). He died, age 65, in 2008.

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