According to this press release sent over by Wendy Day, Young Buck is filing bankruptcy in order to get out of his contracts with G-Unit and may have plans to sue his former label. Read below:
Nashville, TN – Earlier this month it was reported that armed Federal agents raided the Nashville home of former G-Unit artist, Young Buck, to collect for a past due tax debt. In response, Buck filed for protection under the Chapter 13 Bankruptcy Laws that day (8/3), in effect, stopping the property seizure.
Under Chapter 13 laws, debtors are allowed to keep all of their possessions and then have a 5-year term to repay their creditors under a court-approved payment plan. This measure means that Buck will be able to pay the IRS debt back over time and will get all of his seized property returned to him.
Filing Chapter 13 also has the effect of negating 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.
Although it is rumored that Buck is readying a September release date for his third studio album, that is not the case. He is however currently under consideration at several labels.
“I was forced to file bankruptcy, not because I am broke. “ Buck advises, “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.”
When asked about his rumored plans to file a lawsuit against his former label, G-Unit, its CEO, 50 Cent and ex-GM and former Young Buck manager, Sha Money XL, Buck says. “Where did that rumor come from?! I have not filed suit against anyone, although, maybe that’s not a bad idea!”
Lets hope Buck gets everything cleared up and finds a new label home. His Rehab album mixtape is due out soon.
