Tuesday, January 3, 2012

Young Buck Files Personal Bankruptcy

Nashville, Tennessee, rapper Young Buck, real name–David Darnell Brown–is currently having his Chapter 11 bankruptcy case converted to a Chapter 7 bankruptcy, on an order from Judge George C. Paine II. The bankruptcy trustee and her lawyer maintain that the conversion was necessitated by the fact that there was no money to pay bills and ongoing administrative costs and there was no finalized plan that would allow the case to remain under Chapter 11. The original bankruptcy was filed October 10, 2010.

The shift in bankruptcy status, reports the Detroit Free Press, is “frustrating the multiplatinum rapper’s attempts to sign with Cash Money Records and end a contract dispute that has stifled his career since 2008”. The musician is reportedly exasperated, saying in a recent interview that the bankruptcy conversion is counterproductive since he was “close to signing a recording deal with Cash Money Records that would allow him to pay all his debts and exit bankruptcy orderly”. The recording company, one of the country’s leading hip-hop labels, counts such noted celebs as Lil’ Wayne and Nicki Manaj as among their clients.

The proposed multiparty negotiation, independently confirmed by The Tennessean, would have settled Buck’s contractual disagreement with former mentor, rapper 50 Cent and his G-Unit Records and sent him to New Orleans-based Cash Money. Buck is still under contract with G-Unit but has been prevented from recording since 2008 due to “a personal falling-out with 50 Cent”, real name — Curtis Jackson.

Another twist in this bankruptcy is that the bankruptcy trustee who is administering Buck’s estate states she is planning to sell the “Young Buck” name along with his other assets. The 30-year-old rapper argues that, “’My name, Young Buck, has been with me since I was 12, 13 years old,” Buck said. “At the end of the day, it’s ridiculous. My name wasn’t given to me by G-Unit Records. They didn’t name me Young Buck. My mother calls me Young Buck.’”

Buck is also currently facing a pending federal criminal charge of being a convicted felon in possession of a gun and ammunition, which is scheduled to go to trial in April. He vows that these adverse experiences have taught him to be a better businessman and to be more focused and that he will persevere and “go forward”.

The Macey Bankruptcy Law attorneys are an unsurpassed staff of the most knowledgeable consumer bankruptcy attorneys in the country, representing over 40,000 new clients each year in consumer bankruptcy matters. Macey Bankruptcy Law attorneys are current on all of the new Chapter 7 and Chapter 13 bankruptcy laws and, with 100 offices across the country we are familiar with specific bankruptcy law in many states. Macey Bankruptcy Law attorneys answer their phones six days a week and weekends so you can get your initial complimentary consultation at a time that is mostMacey Bankruptcy Law convenient for you. Our aggressive representation and extensive experience have earned the  attorneys a national reputation for excellence in the representation of debtors in financial distress.

 Call us toll-free at 1-800-260-2402 and log onto our newly designed, easy-to-navigate, interactive website, www.maceybankruptcylaw.com. Do it for yourself; do it for your family. Do it today.

No comments:

Post a Comment