Rapper Could Lose Name in Chapter 7 Bankruptcy Case
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Rapper Could Lose Name in Chapter 7 Bankruptcy Case

January 3, 2012

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By: Brenna Working

Rapper Young Buck (aka David Darnell Brown) has had his Chapter 11 bankruptcy case converted to a Chapter 7 bankruptcy case by a bankruptcy judge in Nashville, Tennessee, according to reports from the Wall Street Journal’s Bankruptcy Beat.

The change is the latest in Buck’s bankruptcy saga, which has so far included a contract dispute with the record label G-Unit Records, owned by rapper 50 Cent (aka Curtis Jackson). Buck initially filed under Chapter 11 of the U.S. Bankruptcy Code, which would have required him to reorganize his finances and make payments to his creditors under a repayment plan.

The Chapter 11 repayment plan Buck submitted to the court, however, proved untenable when 50 Cent reportedly refused to modify the terms of Buck’s contract with G-Unit Records. It seems that Buck’s repayment outline relied on the modification of his contract; without it, a bankruptcy judge has ruled, the rapper will be unable to make repayments in Chapter 11.

Liquidation Plans for Young Buck

Now in Chapter 7 bankruptcy, Buck faces a liquidation of his assets to repay creditors. Among those assets, reports NewsOne.com, could be his stage name, "Young Buck." Whether or not the name will be salable remains to be seen.

While Chapter 11 bankruptcy would have afforded Buck the chance to repay his creditors from future earnings and let him keep many of his belongings, he may find that Chapter 7 bankruptcy has advantages as well. The liquidation type of bankruptcy will require that Buck sell off many of his personal belongings to raise money for creditors, but it may also afford Buck the opportunity to discharge certain unsecured debts.

In addition, the rapper may have assets that are exempt from the court’s liquidation sale, which he may be permitted to keep. If Buck’s recording career proves strong following his bankruptcy discharge, he should have a good chance at recovering from his bankruptcy filing.

With burdensome debts discharged, Buck would be free to take advantage of the fresh start that so many “ordinary” Americans avail themselves of every year.

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