Young Buck must have thought he had it all, living in a sprawling mansion and enjoying his lifestyle of performing and recording. But the G-Unit rapper has recently fallen on hard times, and it seems the IRS is on his case. Recently, Young Buck was caught moving boxes out of his mansion, an action that caught TMZ reporter's attention. According to some sources, the 31-year-old was apparently supposed to move out of his apartment by May 16th, 2012, as part of a bankruptcy filing.
Young Buck originally filed for a Chapter 11 bankruptcy, which meant that he would adhere to a strict payment plan until he had satisfied his creditors. With this form of bankruptcy, there is a chance that Young Buck would have been able to keep his 5,000 square foot home. Because Young Buck is a musician, chances are that he is not paid on salary. Instead, he makes his money from his records, and when he is not touring or selling C.D.'s his income wanes. After a while, Young Buck switched his bankruptcy filing to a Chapter 7. This meant that he would need to liquidate all of his assets to satisfy the IRS.
One press release explains that Young Buck had almost $334,000 worth of taxes to pay. He had avoided these back taxes for so long, that the IRS finally took action. His home was divided, and anything of value was set to be auctioned. While information about the auction is unavailable, sources say that Young Buck lost virtually everything he owned. Some of the assets that would be sold to satisfy his dues taxes included his white leather chairs, his craps table, his tattoo kit, his refrigerator, and his luxury watches.
In addition to all of his property, Young Buck also lost the rights to his rapper name. From now on, Young Buck will be David Barnell Brown- the original name that his parents gave him. He also lost his entire music catalog as a part of the bankruptcy. Sources say that Young Buck's mansion will probably satisfy the $334,000 debt and then some. The rapper was also sentenced to two months in jail, according to a video blog that he posted to a popular rapper's website. He was not clear as to why he is being incarcerated, but the website surmises that the charges are related to gun control violations.
When you declare bankruptcy, there's a chance that you may lose everything. Like Young Buck, many people find themselves in financially devastating situations. Downing in debt, bankruptcy may be the best way out. While it is hard to lose your home, your possessions, and other pieces of property, many times what you gain in return is worth it. Once your bankruptcy is over, you will be free. Free of the hold of debt, free from creditor's calls, and free from the burden that your debt has been on your life.
If you have a regular, steady income, you may be able to file for a Chapter 11 bankruptcy, like Young Buck intended to do. This will allow you to pay back your creditors in a routine fashion with a few installments. If you choose this option, you will probably need to make some radical adjustments to your budget. You will want to conserve money in every possible area, in order to pay off your debts and get back to the life that you deserve. If you choose a Chapter 7 bankruptcy, you will need to relinquish all of your assets and use that money to pay off your debts. Like Young Buck, people who do not move out of their house when they are commanded to will be evicted. While this is a sad event, it may lead to a happier, debt-free lifestyle in the future.