Tuesday, August 31, 2010

No-Cashville: Young Buck Files for Bankruptcy

Posted By on Tue, Aug 31, 2010 at 10:00 AM

Young-Buck-01.jpg
  • Photo: Eric England
As The City Paper reported last night, Nashville-based rapper, Scene cover man and former G Uniteer Young Buck has filed for bankruptcy.

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.

If you want to gawk, you can check out the list of stuff seized from Buck's house, which includes everything from a "Breitling Bentley Watch with diamond face and band," listed as worth $31,000, to a bucket of 2,000 "pain balls" (probably a typo), along with a bunch of recording equipment, awards and assorted dudestuffs like miniature football helmets.

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