Background: Isaac Hayes, Jr. was born in Covington, Tennessee, in Tipton County. He was the second child of Eula (nee Wade) and Isaac Hayes, Sr. After his mother died young and his father abandoned his family, Isaac, Jr., was raised by his maternal grandparents, Mr. and Mrs. Willie Wade, Sr. The child of a sharecropper family, he grew up working on farms in Shelby County, Tennessee, and in Tipton County.
Context: By 1974, Stax Records was having serious financial problems, stemming from problems with overextension and limited record sales and distribution. Hayes himself was deep in debt to Union Planters Bank, which administered loans for the Stax label and many of its other key employees. In September of that year, Hayes sued Stax for $5.3 million. As Stax was in deep debt and could not pay, the label made an arrangement with Hayes and Union Planters: Stax released Hayes from his recording and production contracts, and Union Planters would collect all of Hayes's income and apply it towards his debts. Hayes formed his own label, Hot Buttered Soul, which released its product through ABC Records.  His new album, 1975's Chocolate Chip, saw Hayes embrace the disco sound with the title track and lead single. "I Can't Turn Around" would prove a popular song as time went on. This would be Hayes's last album to chart in the top 40 for many years. Later in the year, the all-instrumental Disco Connection album fully embraced disco.  In 1976, the album cover of Juicy Fruit featured Hayes in a pool with naked women, and spawned the title track single and the classic "Storm Is Over". Later the same year the Groove-A-Thon album featured the singles "Rock Me Easy Baby" and the title track. However, while all these albums were regarded as solid efforts, Hayes was no longer selling large numbers. He and his wife were forced into bankruptcy in 1976, as they owed over $6 million. By the end of the bankruptcy proceedings in 1977, Hayes had lost his home, much of his personal property, and the rights to all future royalties earned from the music he had written, performed, and produced.
Question: What happened to Hayes

Answer:
Stax Records was having serious financial problems, stemming from problems with overextension and limited record sales and distribution.