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Rapper Young Buck:

I'm Bankrupt ...

Not Broke!

9/1/2010 7:00 AM PDT BY TMZ STAFF

TMZ has learned ... platinum rapper Young Buck has filed for Chapter 13 bankruptcy, but dude insists it's "not because I am broke."

Young Buck Bankrupt
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.”

32 COMMENTS

No Avatar
16.

Tom Wood    

Hey TMZ, how about giving some credit to the people who actually find out what's going on and report it? Here are the stories that broke this news:

http://nashvillecitypaper.com/content/city-news/young-buck-files-bankruptcy

http://nashvillecitypaper.com/content/city-news/young-bucks-attorney-50-cent-lawsuit-works

1327 days ago
17.

joethaplumber    

(AllHipHop News) Nashville, Tennessee rapper Young Buck has released a statement regarding his tax battle with the IRS and reports of a planned $5 million dollar lawsuit against G-Unit leader 50 Cent.

Young Buck filed for Chapter 13, which allowed the rapper to keep all of his possessions, as he pays back an estimated $12,500 per month, over the next five years.

“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."

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," Young Buck told AllHipHop.com in a statement.

1327 days ago
18.

jillybean    

What a LOSER, it just proves that some rappers are complete tards with money and have no concept of it. He will be living in the ghetto soon, applying for assistance.

1327 days ago
19.

Andrea    

@Disturbed- Thats what all the rappers do? Are Theresa and her Husband from RHW of NJ rappers? Is Nicholas Cage a rapper? Is Donald Trump a rapper? Get a grip hater. Lots of people file bakruptcy without being "rappers". You are an idiot.

1327 days ago
20.

Donna    

Brother is broke....that means all the ho's will slow their roles. LOL

1327 days ago
21.

Donna    

Brother man "you are fine as heck" just remove that do-rag and get your swag back!

1327 days ago
22.

Jarrod    

What a jackoff!! Like all the other broke ass rappers who spent all the money they made on Rims for their Escalade or Rover, and diamond chains, they still cant figure out where their money goes.. Uhhh.... You didnt really have any to begin with.>>>

40 % taxes,
10 % Manager
10 % Agent\
5 % Lawyer..... Doesnt leave much left over does it!

1327 days ago
23.

Silly Rabbit    

Young Buck is so beautiful! Dang, you are fine Buck! Nice eyebrowns, eyes, skin, nose, lip.....geez!

1326 days ago
24.

Ni-Ni    

LOL..Another one bites the dust....Pay your bills and stop buying those gold chains...Tired of these broke @$$ rappers claiming they got this and that....Aint got NOTHING!!!LMBO!

1325 days ago
25.

Natalie Ross    

I love you YB! I always have & I always will <3

1291 days ago
26.

jojo    

at least some one on here is paying attention and has some intelligence .. grow up you jealous haters, upset because you know you will never see that kind of money in your lifetime.. the good thing about making money is that once you've reached a certain level in your game, its easy to do it again... one hunned !!!

"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."

sounds pretty smart to me !!

now go back to your miserable lives and work your 9-5 all day/night for your measly slave wages while we "live for a living".

1188 days ago
27.

kj    

People bankruptcy does not mean you are broke. Specifically chapter 13 means you filed bankruptcy to make a payment plan rather than to pay it all back at once. Trust dude has money. the bank did not repossess his home or any of his cars the government did as collateral to sell to pay his taxes or to make him pay his taxes. Learn what filing bankruptcy is for before posting things like this. Bottom line buck is telling the truth that he is not broke. If we were not in a recession the government would not have done this, they would have just sent a letter and a official down there to explain the situation to Buck and no assets would have been taken.

1171 days ago
28.

arnold    

that the price u paid for biting the hand that feeds u buck u should have known better than messing with 50 Cent and G-Unit ,u were too quick to forget were u came from ,,,,from rag till 50 picked u up ....pity u

1103 days ago
29.

Fuke U    

dats because curtis jackson is a greedy azz *****. Prolly why he got shot in the facw the first time. Hes a traitor, a bitch, and if he got put on the stand prolly a snitch.

849 days ago
30.

Coloreddude    

Young Broke stay strong Jack Kent Cooke the guy who sold the Lakers to Jerry Buss and the Forum in Inglewood to City of LA and the Washington Redskins to Dan Synder filed bankruptcy
3 times..see how it turned out for him..

390 days ago
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