Young Buck Addresses Bankruptcy & G-Unit Lawsuit Rumor

Young Buck Addresses Bankruptcy & G-Unit Lawsuit Rumor

Former G-Unit member Young Buck has come forward to speak on his bankruptcy filing and an alleged lawsuit against ex-boss 50 Cent.

Buck said he had no choice in the filing, stating that it would give him a fresh financial start.

“I was forced to file bankruptcy, not because I am broke. ” Young Buck said in a statement. “But because I have to get my finances back in order and deal with the contract situations I was in. Now I have a clean slate and full control over my own life and career.” Young Buck also shot down reports that he would be filing a lawsuit against 50 Cent, G-Unit and former manager Sha Money XL. “Where did that rumor come from?! I have not filed suit against anyone, although, maybe that’s not a bad idea,” Young Buck told in a statement. (All Hip Hop)

Details on the bankruptcy claim hit the Internet yesterday.

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)

Yesterday, an attorney for Buck confirmed legal action would be placed against 50.

“He will be filing a lawsuit in the next 30-60 days against his former manager, G-Unit label and Mr. Curtis Jackson,” Lynda Jones, Young Buck’s bankruptcy attorney, told the Nashville City Paper. Young Buck’s beef with 50 Cent (who holds a contingent claim of $5 million in Young Buck’s bankruptcy) dates back to his time as a member of G-Unit, the crew of rappers that 50 Cent signed to his record label and called on to back him up in his songs. (Wall Street Journal)

Last weekend, reports suggested Buck was released from his G-Unit contract.

A 100% reliable source just told us that 50 Cent has let Young Buck out of his contract with G-Unit. In April 2008 50 Cent announced on Hot 97 that Young Buck was kicked out the group, but was still contractually signed to G-Unit. Since that time, Buck has been unable to release any commercial music. Buck is currently working his new single “My Campaign”, produced by Drumma Boy. It will be interesting what he does with his new position. If he can get singles reacting on the radio, he get into a good position. But considering the amount of time that he’s been off the radar, it will be an uphill climb for Young Buck. (57th Ave)

Check out recent Young Buck footage down below:

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