Former G Unit member Young Buck has filed for Chapter 13 bankruptcy protection following an IRS raid earlier this month.
The news became public yesterday (August 30) after sealed documents were released by the Nashville U.S. District Court.
Buck, real name David Darnell Brown, had his home raided by IRS officials on August 3 for owing an estimated $305,000 in back taxes from 2006-2008. Through the seizure the IRS was able to collect on $70,000 of the debt by appropriating over $20,000 in music equipment, a $31,000 Breitling Bentley Watch, and other assorted music memorabilia from his career. The rapper has criticized the raid as being overtly harsh, stating the authorities even seized his children’s video game systems (records show an Xbox was taken in the raid).
“The worst part of this isn’t the material stuff–that will all be replaced,” he explained earlier this month. “It’s what it does to the people around me. They took my kids’ Playstation, my assistants’ computers, and baby’s mothers’ jewelry. They took my home studio so I can’t even record.”
Buck filed for Chapter 13 protection on August 19, stating that he has liabilities of $1.04 million dollars. His estimates his current assets at $1 million, but the Nashville artist noted a $5 million lawsuit he has pending against G Unit Inc. and CEO Curtis Jackson (50 Cent). Young Buck has been fighting for over a year to obtain a release from G Unit. He had a very public falling out with 50 in 2008, where the Queens mogul accused Buck of having substance abuse problems and released a private phone conversation of a despondent Buck speaking woefully about his money problems.
The Chapter 13 will restructure his listed outstanding debts on a repayment plan to be decided by the courts. Should Buck miss payments on the plan, the creditors can request the bankruptcy be dismissed. As long as he remains under the plan, Buck is “protected” against any further creditor action such as liens, or the recent IRS seizure.
In 2004,Young Buck was featured prominently on G Unit’s platinum group debut Beg for Mercy, and released a platinum debut of his own with Straight Outta Cashville. His sophomore album Buck the World was released in 2007.
Last week, Vlad TV reported that Young Buck had secured his release from G Unit Records, allowing him the ability to record with other artists and sign with another label. At press time, that report remains unsubstantiated by Young Buck and 50 Cent.
Buck third studio album, The Rehab, is set to be released digitally as a “mixtape LP” on September 7.
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