Young Buck Talks About His Bankruptcy And G-Unit Lawsuit

September 1st, 2010 | By admin

By Jason Smith

Young Buck has recently spoke on his bankruptcy case and his alleged lawsuit against G-Unit boss 50 Cent.

The rapper said he had to file for bankruptcy for a new financial start.

“I was forced to file bankruptcy, not because I am broke. 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.

His bankruptcy details hit the Internet yesterday.

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.

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