Bankruptcy: Young Buck Files For Chapter 13
Things just keep getting worse for Young Buck.
The young rapper, once an up-and-coming member of 50 Cent’s G-Unit filed for bankruptcy this week after the IRS staged a surprise raid on his home in Hendersonville, Tenn. According to the The Tennessean, the rapper “voluntarily filed for Chapter 13 bankruptcy in an attempt to control how creditors will be compensated, according to recently unsealed court filings.”
Unlike Chapter 7, “Chapter 13 does not require the liquidation of assets. That could save tens of thousands of dollars worth of property that the IRS seized…” Apparently the government swooped in and confiscated recording equipment, furniture, music awards and jewelry. Ouch.
Chapter 13 also allows Young Buck (nee: Darnell Brown) to pay back his debts with his regular income, without interest. Brown suggested the government garnish his wages to the tune of $12,500 a month for the next 60 months. Grand total: $750,000. This isn’t the worst thing since Brown will be able to keep any additional income and royalties.
How the hell do you make almost 20K a month and still have to file for bankruptcy? The Tennessean breaks it down:
In addition to the IRS, which claims Brown owes more than $300,000 in back taxes, interest and penalties, Brown’s creditors include the state of New York, American Home Mortgage Service and Wells Fargo Auto Finance.
I mean, really?
Listed among Young Buck’s bankruptcy filings is “a dispute with 50 Cent, whose real name is Curtis Jackson, and the G-Unit label as an asset worth $5 million.”
The artist, whose albums include Straight Outta Ca$hville and Buck the World, definitely has a budget in his future. For real, dude—we’re in a recession!
Photo Courtesy: Keep It Trill