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Former G-Unit member Young Buck has been in the news a lot in August. At the beginning of the month, he made headlines when his Tennessee home was raided by the IRS who seized a bunch of his assets, and now, the latest is that he's filed bankruptcy.
According to The Tennessean, the rapper (real name: David Darnell Brown) filed Chapter 13 bankruptcy two days after the surprise morning raid by the IRS on August 3rd, in an attempt to control how creditors will be compensated and so he won't have to liquidate his assets.
Court docs show that Buck proposed to a U.S. Bankruptcy Judge that he be docked pay of $12,500 a month from his Cashville Records label over a period of 60 months to pay back his debts, which was accepted.
Bankruptcy filing claims he earns a total of $19,170 a month, so after $12,500 is deducted each month, Buck can keep the additional income, including royalty payments.
In addition to the IRS, which claims Buck owes more than $300,000 in back taxes, interest and penalties, other creditors include the state of New York, American Home Mortgage Service and Wells Fargo Auto Finance.
In other Buck news, the rapper is planning to file a lawsuit against 50 Cent, G-Unit Inc., and his former manager Sha Money XL, in the next two months, claiming he's worth around $5 million to the label.
"Mr. Brown intends to reorganize his debts and pay off the IRS in a timely manner through Chapter 13," bankruptcy attorney Lynda Jones said in a statement to The Nashville City Paper. "We hope to secure the return of his personal property quickly. He will also be filing a lawsuit in the next 30-60 days against his former manager, G Unit label and Mr. Curtis Jackson.
"There are a few procedural hurdles we need to address in handling these matters, but they will ironed out shortly," she continued. "I will be associating attorneys Amy Everhart and Jennifer Lawson for the litigation. Both have excellent experience."
According to The Tennessean, the rapper (real name: David Darnell Brown) filed Chapter 13 bankruptcy two days after the surprise morning raid by the IRS on August 3rd, in an attempt to control how creditors will be compensated and so he won't have to liquidate his assets.
Court docs show that Buck proposed to a U.S. Bankruptcy Judge that he be docked pay of $12,500 a month from his Cashville Records label over a period of 60 months to pay back his debts, which was accepted.
Bankruptcy filing claims he earns a total of $19,170 a month, so after $12,500 is deducted each month, Buck can keep the additional income, including royalty payments.
In addition to the IRS, which claims Buck owes more than $300,000 in back taxes, interest and penalties, other creditors include the state of New York, American Home Mortgage Service and Wells Fargo Auto Finance.
In other Buck news, the rapper is planning to file a lawsuit against 50 Cent, G-Unit Inc., and his former manager Sha Money XL, in the next two months, claiming he's worth around $5 million to the label.
"Mr. Brown intends to reorganize his debts and pay off the IRS in a timely manner through Chapter 13," bankruptcy attorney Lynda Jones said in a statement to The Nashville City Paper. "We hope to secure the return of his personal property quickly. He will also be filing a lawsuit in the next 30-60 days against his former manager, G Unit label and Mr. Curtis Jackson.
"There are a few procedural hurdles we need to address in handling these matters, but they will ironed out shortly," she continued. "I will be associating attorneys Amy Everhart and Jennifer Lawson for the litigation. Both have excellent experience."
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