Young Buck files for bankruptcy

Monday, August 30, 2010 at 7:47pm
YoungBuck.jpg
Young Buck (photo by Eric England/SouthComm).

All I'm thinkin' 'bout is gettin' paid
Big yachts, mansions, buyin' real estate (COME ON!)...
You think Buck goin' bankrupt?! Kill yourself!

— Young Buck, "New York City" (2008)

The Internal Revenue Service won't be selling off Nashville rapper Young Buck's worldly possessions anytime soon. Their fate is now subject to the U.S. Bankruptcy Court.

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.

In a court filing that detailed the materials seized, IRS revenue officer Lauren Thompson valued them at roughly $70,000. Among the property listed were these items:

  • A "Breitling Bentley Watch with diamond face and band," said to be worth $31,000.
  • More than $20,000 worth of music-recording gear.
  • More than a dozen plaques, photos and other memorabilia related to albums by rapper 50 Cent, with whom Brown has been in a feud for several years.
  • A portrait of rappers Lloyd Banks, Tony Yayo, 50 Cent, Eminem and Young Buck.
  • "G-Unit Beg for Mercy Award pictures."
  • "Faux fur men's light grey coat w/ 'YB Cashville' stitched inside."
  • Six televisions, including four with screen dimensions between 43 and 55 inches.
  • "Ms. Pac Man video game."
  • "Hand crafted snake skin purse from Nigeria."
  • "Indigenous Art from Australia."
  • "X-Box machine." (Brown complained after the raid that "they took my kids' Playstation.")

In documents filed August 19 as part of the bankruptcy filing, Brown declares assets of almost $6 million and liabilities just under $1.04 million. But $5 million of the assets come from a contingent claim listed as "Brown v. Bruce Seckendorf, G Unit Inc,. Curtis Jackson III, Michael Clervoix." The filings do not specify whether this is a lawsuit Brown has already filed or one he contemplates filing later.

Seckendorf is business manager of the rap group G Unit, with which Brown was associated until quarrels arose a few years ago. Jackson is the real name of 50 Cent, a member of G Unit, and Clervoix is the real name of Sha Money XL, president of the G-Unit record label.

As detailed in a July Nashville Scene cover feature, Brown is locked in a contract dispute with Jackson and the G-Unit label that has prevented him from releasing a new album since 2007.

The filings include the notation "reject executory contract with record label" in relation to G Unit Records Inc.

Brown states in the court papers that his 2009 gross income was more than $211,000, while he took in about $141,000 in 2008. Among his debts, in addition to sums owed the IRS, is a $56,000 claim from New York's state tax commission.

One claim listed in the documents, a $535 item with a creditor named as "Rob Reg Yng," includes the annotation "04 Davidson Co. Criminal Court." A check of Brown's record at the Davidson Criminal Court Clerk's office indicates that he has been arrested or cited numerous times since 1999 for offenses ranging from traffic offenses to drug possession and domestic assault.

After the IRS raid, Brown issued a statement saying the tax issues had arisen "because I trusted accountants, lawyers and managers to handle my business for me while I focused on making music. From now on, I am going to stay on top of my own business."

Jimmie Lynn Ramsaur of the local U.S. Attorney's office is representing the IRS in the seizure case. Lynda F. Jones, of The Jones Law Group PLLC in Nashville, is Brown's bankruptcy attorney.

Efforts to reach Brown's business manager, known as G.I., were unsuccessful Monday afternoon and evening.

6 Comments on this post:

By: NewYorker1 on 8/31/10 at 12:35

And we need to know all of Mr. Brown's financial business because?

By: NewYorker1 on 8/31/10 at 1:16

I'm sure there are many many people in Franklin, Brentwood, Belle Mead, and Green Hills that have filed bankruptcy, but the paper isn't laying all their shit bare.

By: tdterry1999 on 8/31/10 at 1:32

Will he change his name to no buck. now.

By: yucchhii on 9/1/10 at 10:15

Well, HOPEFULLY that will be one LESS (C)RAPPER we have to hear!!!!! tell him to learn how to "SING!" REAL MUSIC!!!!

By: Pale Horse on 10/28/10 at 3:40

No he sold his $638,500 mansion to pay $164,000 in IRS debt so I think he can still find a house with the $474,500 left dumbass.

Buck also claimed $1,000,000 in real estate so he must own a 361,500 house and now he will have $474,500 liquid..

Back On My Buck Shit Vol.2 Oct.31 (Halloween) Let's Get It!!!!!!
Back On My Buck Shit Vol.2 Oct.31 (Halloween) Let's Get It!!!!!

Only 3 more days until buckmarley releases his new mixtape Back On My Buck Shit Vol 2. Make sure you grab that on Halloween!

Don't forget his MIXTAPE better than Yo album RAPPERS!!

By: Shelley22Tyler on 6/5/11 at 11:53

I received 1 st home loans when I was 32 and it aided my family a lot. But, I require the short term loan once again.