News: Young Buck's Money Woes Continues, Debt Antes Up
Saturday, Jan 15, 2011 10:19AM
Southern rapper Young Buck's money struggles continue to make headlines as new reports on his inability to keep up with car payments have arose online.
According to reports, Buck's bankruptcy repayment plan has been revised to help him catch up on various debts.
A federal judge has converted the bankruptcy proceedings of Nashville rapper Young Buck from an individual repayment plan to a business reorganization. The conversion from Chapter 13 to Chapter 11 proceedings, ordered Thursday, comes as a bank is attempting to repossess the entertainer's BMW over missed payments. According to court documents, Young Buck, whose real name is David Darnell Brown, was not making payments as required under the Chapter 13 proceedings, which stipulated that his label, Cashville Records, dock his pay $12,500 a month for 60 months, for a total of $750,000. A hearing will be held Jan. 31 on Wells Fargo's request to foreclose on Brown's 2002 BMW X5. The bank claims Brown has missed about seven months' worth of payments and owes more than $5,000. In a response, Brown argued against the seizure by claiming that there is equity in the vehicle and that it is used to take his children to school and other activities. (Tennessean)
Last summer, Buck's Tennessee home was raided by IRS agents.
After cutting ties with 50 Cent, Buck has found himself on the losing end of one fiscal battle after another. As previously reported, federal authorities raided his Nashville home last August, in an attempt to seize personal items to pay down his over $300,000 IRS bill. His belongings were set to be auctioned off, a move that was later stopped. (The Boom Box)
Buck's ex-manager Bruce Seckendorf recently addressed the rapper's tax issues.
"I totally knew what he owed the IRS and I was keeping them at bay," Seckendorf explained in an interview. "Buck let me go on or about March 15, 2010. Around that same day he retained [another] business manager/accountant...I sent an email [to the new person] saying David Brown owes this money to the IRS. You need to address immediately... I'm paraphrasing, but [I wrote] don't ignore it, you need to attend to it." (XXL Mag)
In October 2010, G-Unit member Tony Yayo reflected on Buck's publicized hardships.
"I feel sorry for the guy," Yayo said about Buck's financial woes. "It's tough times right now. They had plaques up there, they had plaques up there [at the auction.] I'm talking about the record label plaques. Yeah, they had everything up there. They said Omarion got a $100,000 [in tax debt]. I think it's about having the right people in your corner. One thing about G-Unit label, we always had accountants to take care of taxes. That's one thing I can say about 50 Cent, he taught us a lot. With the tax thing, I learned everything I know from having accountants on the G-Unit staff...50 does give you talks about your money and the right thing you should do with your money. And he keeps it real about it. Instead of buying a new car or chains, he might say to invest in something. That's the smartest thing to do for anybody to do in this industry...That's one thing Buck did have, 50 did guide us the right way. If you spend a $100,000 in a matter of weeks, of course a guy with intelligence that's your boss is gonna call you and say, 'Yo, you're spending a lot more money than I am and I have way more money than you.' I think that's what the issue comes down to..." (Shade 45)
Check out a recent Young Buck interview below:
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