Former G-Unit Member Young Buck Files For Bankruptcy.. Also Plans On Suing 50 Cent

08/31/10

Former G-Unit member 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)


IN RELATED NEWS: YOUNG BUCK IS PLANING ON SUEING 50 CENT
AND HAS NOT BEEN RELEASED OUT OF HIS CONTRACT,...

Apparently 50 Cent didn't release Young Buck from his contract. According to the Nashville City Paper Young Buck plans to sue 50 Cent to be released from his contract which prevents him from releasing and profiting off of any music. The lawsuit names G-Unit, 50 Cent and Sha Money XL as the defendants in this case. Sha Money XL has gone on record as saying he paid Young Buck close to $10,000,000 in royalties which Buck refutes claiming he never saw anything near that amount. The lawsuit will be in play within the next 30 to 60 days says Young Bucks team.

#1 Wednesday, September 1, 2010 at 1:23 AM

Buck will be in jail soon for tax evasion.

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