After suffering through an IRS raid on his home, Rapper Young Buck, (real name: David Darnell Brown) has filed Chapter 13 bankruptcy and will repay $750,000 out of the $1 million he owes creditors.
Among Young Buck's debts are $33,100 owed on a 2009 Cadillac Escalade and about $700,000 on two mortgages. There's also the IRS (owed about $300,000 for several years' worth of unpaid taxes) which on Aug. 3 seized such assets from Brown's home as a Breitling diamond watch, more than $20,000 in music-recording equipment, 50 Cent and G-Unit memorabilia, a faux fur coat, six televisions and X-Box. The City Paper reported that the feds took about $70,000 worth of goods in all, which didn't leave Young Buck too pleased.
Young Buck's bankruptcy attorney is hoping to reclaim much of the rapper's seized property and to file a lawsuit against fellow rapper 50 cent (real name: Curtis Jackson) who holds a contingent claim of $5 million in Young Buck's bankruptcy. Also, the rapper made two very telling comments that are lessons for other debtors who owe money to powerful creditors such as the IRS. He mentioned that the IRS seizures didn't just affect him; but also his children who suffered the indignity of having some their toys and computers seized because of the rappers failure to pay taxes. He also said that he had abdicated his financial responsibilities to hired accountants who obviously failed to deliver when it came to paying his taxes and other debts in a timely fashion.
Every debtor who plans to have a successful post-bankruptcy life needs to make sure that they do regular financial check-ups even if they have professional accountants working for them. Remember, at the end of the day it is your responsibility to make sure that your finances are in order and if you fail to do that, you could find yourself facing another bankruptcy.