When The Checks Stop Rolling In: Young Buck Files For Bankruptcy

Written by Mike Stylezz

Tuesday, August 31st, 2010 at 2:51 pm
Views: 2938


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When Young Buck said that he thought 50 was trying to blackball him and murder his career by not letting him opt out his contract he may have been right.Due to being restricted he could not drop an album or do shows unless 50 released him or got a piece of the income. Not being able to make music or perform equals broke so now Young Buck has reportedly filed for bankruptcy just weeks after his Tennessee home was raided by Internal Revenue Service (IRS) agents.

Details on the bankruptcy claim hit the Internet early Tuesday (August 31) morning.

David Darnell Brown, who performs under the stage name Young Buck, filed for protection under Chapter 13 of the bankruptcy code earlier this month. The filing came soon after IRS personnel carried out an early-morning raid on Brown’s lakeside home in Hendersonville, seizing much of his personal property. The bankruptcy petition came to light Monday after Nashville’s U.S. District Court lifted the seal it had placed on court filings related to the August 3 seizure. The Chapter 13 process, designed to allow individuals to restructure their debts, automatically halts efforts by any creditor — even the IRS — to collect on debts owed by the person who files. Creditors can ask the bankruptcy court to lift the stay against them on certain grounds, allowing them to move against the debtor. The tax authority claims Brown owes it about $305,000 for taxes due between 2006 and 2008, including penalties, interest and collection costs. (Nashville Scene)

His only hope now is his new album and I`m not too sure about how well it will do.

Court documents were also released about what was taken from the raid

“In a court filing that detailed the materials seized, IRS revenue officer Lauren Thompson valued them at roughly $70,000. Among the property listed were these items: • A “Breitling Bentley Watch with diamond face and band,” said to be worth $31,000. • More than $20,000 worth of music-recording gear. • More than a dozen plaques, photos and other memorabilia related to albums by rapper 50 Cent, with who Brown has been in a feud for several years. • A portrait of rappers Lloyd Banks, Tony Yayo, 50 Cent, Eminem and Young Buck. • “G-Unit Beg for Mercy Award pictures.” • “Faux fur men’s light grey coat w/ ‘YB Cashville’ stitched inside.” • Six televisions, including four with screen dimensions between 43 and 55 inches. • “Ms. Pac Man video game.” • “Hand crafted snake skin purse from Nigeria.” • “Indigenous Art from Australia.” • “X-Box machine.”
I mean even Buck has recently admitted to not taking care of his business.


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