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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

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1.

youdrink toomuch    

do you know how developmentally disabled that sounds?

1511 days ago
2.

JJKITTY    

Guy looks like he has Hepatitis!

1511 days ago
3.

Lady A    

Nice eyes!

1511 days ago
4.

gossipgirl86    

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...

1511 days ago
5.

gossipgirl86    

I meant to say more debt than you can (pay)

1511 days ago
6.

Phreaky    

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.

1511 days ago
7.

Fan    

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.

1511 days ago
8.

Lloyd Skanks    

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.

1511 days ago
9.

ohreally    

keep ur eyes open.. u will see more reports like this in the near future

1511 days ago
10.

OUTSIDELOOKINN    

UMMMMMM I DON'T THINK HE HAS HEPATITIS I THINK HE'S JUST HIGH!!!!!!! LOL!!!!!!!

1511 days ago
11.

neither of these two sluts    

damn.....he proves what people say all along.....rappers are very stupid people and this guy must sit on his brain....idiot!

1511 days ago
12.

jus-sayin    

to bad...so sad

1511 days ago
13.

joethaplumber    

“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."

1511 days ago
14.

La La Land    

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!!!!!!

1511 days ago
15.

Proconer    

Chapter 13 is the last chapter in his career.

1511 days ago
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