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TMZ has learned ... platinum rapper Young Buck has filed for Chapter 13 bankruptcy, but dude insists it's "not because I am broke."
Buck -- whose Nashville home was raided by Federal agents over a tax debt earlier this month -- tells us, "I have to get my finances back in order and deal with the contract
situations I was in."
The former G-Unit rapper tells us that by filing for Chapter 13, he will be able to get all of his seized property returned to him ... and has 5 years to repay his creditors under a court-approved payment plan.
Buck adds, "Now I have a clean slate and full control over my
own life and career.”
Celebrity Justice9/1/2010 4:15 AM PDT BY TMZ STAFF
Rapper Young Buck: I'm Bankrupt ... Not Broke!
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Reader Comments
(Page 1 of 2) | 1 | 2 | Most Recent | Next 15 Comments4.
Don't be an idiot Young Buck. When you file for bankruptcy that means that you have more debt than you can be.....sounds to me like you are broke!!! LOL...
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6.
All these stupid talentless rappers do this. They get handed a paycheck and they run and buy mansions and 15 lambos and 5 million in stupidass "bling" with no concept of how much they are spending or long it will last, cuz it's all about talking ghetto and flashing a wad of cash and having rims on your car and pretending you are a gangsta.
And dude seriously, go to the doctor and get checked for hepatitis. Your eyeballs are YELLOW.
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7.
That makes sense, gossipgirl86, but I wonder what his definition of "broke" is? Maybe he means "I ain't like those guys in BROKEback Mountain, but I am BANKRUPT." Ha ha.
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8.
You can file bankruptcy to break contracts. Artists do it all the time. He probably wants out of his record deal so he can just release mixed tapes, and get the money directly.
Chapter 13 is a lot different than Chapter 7. I'm not saying his debts don't exceed his assets, but a 13 filing allows him 5 years ti repay his arrearage, while his present taxes won't be anywhere near what they used to be when he was with 50 Cent.
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9.
keep ur eyes open.. u will see more reports like this in the near future
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10.
UMMMMMM I DON'T THINK HE HAS HEPATITIS I THINK HE'S JUST HIGH!!!!!!! LOL!!!!!!!
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11.
damn.....he proves what people say all along.....rappers are very stupid people and this guy must sit on his brain....idiot!
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13.
“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.”
Representatives for Young Buck also confirmed his bankruptcy status has negated "any and all contractual obligations held by the filer, which in the case of Young Buck, includes his recording and publishing contracts with G-Unit Records, thus allowing him to shop for another deal."
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14.
Hopefully Young Buck can make a comeback and leave the beef alone.
Hopefully 50 cent and Gunit can have continued success.
Hopefully Game's Red Album will be a success.
OWWWWWWWWWWWW hows that for being positive on Tmz!!!!!!
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