You Thought So!

Joe and Katherine Jackson’s finances have been in a shambles for a decade.

They were paying rent to their most famous son, Michael, according to papers reported in an online exclusive.

The Jacksons, who filed for Chapter 7 Bankruptcy on March 1, 1999, have only just come out of their complicated financial dealings.

Although Michael Jackson’s parents’ debts were legally discharged on June 13, 2000, adversarial motions from creditors followed until as late as May 22, 2008, according to court documents.

For the bankruptcy filing in 1999, the Jacksons had listed their assets in range of $100,000 to $500,000, but their massive debt in the range of $10 million to $50 million.

As a side note to the list of creditors that include their attorneys, the IRS and the State of California is the mention of a “month-to-month tenancy only” on their Encino house, with Michael listed as owner.

It is being said that though the King of Pop has left this world, fans may still get to enjoy unheard recordings from the late singer Michael Jackson. Reports are saying that Michael kept a secret library of over 100 songs that he planned to be released after his death, but only for his children. One of the singer’s biographers, Ian Halperin, author of ‘Unmasked, The Michael Jackson Story’, said before his death “He wants to leave them for his kids, a very personal legacy to them. I was told he will not let them come out now.” It may be Michael’s intention but with more reports saying that the music icon was in over $400 million in debt, the selling of the alleged secret collection would be insisted upon to cover it.