Rapper Young Buck files for bankruptcy after IRS agents raid home
UPI News Service, 09/02/2010
Rapper Young Buck has filed Chapter 13 bankruptcy two days after IRS agents raided his Hendersonville, Tenn., home, court records indicate.
Documents indicate Young Buck, real name David Darnell Brown, proposed having his label, Cashville Records, dock his pay $12,500 a month for five years, for a total of $750,000, The (Nashville) Tennessean reported Wednesday. The filing claims Brown earns $19,170 a month.
Chapter 13 bankruptcy protection allows debtors to settle their debts using regular income and without interest.
The IRS seized property -- including jewelry, furniture, music awards and recording equipment -- when agents raided Brown's home Aug. 3. The entertainer filed for Chapter 13 protection Aug. 5 and U.S. Bankruptcy Judge George C. Paine ordered the payroll deductions beginning Aug. 20, The Tennessean said.
The proposal allows Brown to keep other income, including royalty payments.
Besides the IRS, which claims Brown owes more than $300,000 in back taxes, interest and penalties, court documents indicated other creditors include the state of New York, American Home Mortgage Service and Wells Fargo Auto Finance.