It's hard to imagine a rapper going bankrupt, especially when they're a member of a group called "Cash Money." Unfortunately for Young Buck, former G-Unit soldier, this is exactly the case. Young Buck filed for bankruptcy back in September 2010 just one month after his home was raided by IRS agents.
Young Buck's Trustee as well as his Nashville Judge decided that he no longer had a chance to reorganize and was forced to switch to a Chapter 7 liquidation. This was difficult for the rapper, since he had every intention of getting his finances in order and dealing with his contract disputes.
The rapper spoke with the local newspaper, saying "I just wish the trustee would understand that I'm actually in a position to actually work again. Either way it goes, you're going to get paid. I'd be back working again."
Young Buck had planned on changing an agreement with his former friend 50-Cent, under G-Unit Records and Universal Music Group. The reorganization was contingent on Young Buck's ability to change the agreement, but it could not be settled in time. G-Unit Records says Young Buck owes them $10 million over their contract dispute. Another 21 creditors have claimed $1.5 million in the bankruptcy case.
As the case continues things are only getting worse for the rapper. David Darnell Brown, Young Buck's birth name, may be all he comes out with after the bankruptcy. That's right; Young Buck's trustee is planning to sell off his trademarked name, among other assets. While Young Buck rose to stardom with the trademarked name, it wasn't given to him by his label.
According to Brown, "My name, Young Buck, has been with me since I was 12, 13 years old." He continued, "At the end of the day, it's ridiculous. My name wasn't given to me by G-Unit Records. They didn't name me Young Buck. My mother calls me Young Buck."
While his assets have yet to be publicized, the popular "Celebrity Net Worth" website has him listed at -$300,000, a debt supposedly owed to the IRS. So, while selling off his signature name may sound ridiculous, it may be one of his biggest assets. Buck is scheduled to appear in court again on January 30. While they may be able to take his name, a court can never take his talent. Young Buck has released numerous solo albums and has thrived on his own since parting ways with his former group, G-Unit. Bankruptcy may be the answer, if you've been considering filing for bankruptcy please contact a Waco or Killeen bankruptcy lawyer to learn more about your options.
About the Author: Jeff Davis is the Owner of the Davis law firm and a highly experienced Waco and Killeen bankruptcy attorney. To find out more information about a Waco or Killeen bankruptcy lawyer, please visit www.jeffdavislawfirm.com.