Young Buck’s already difficult financial situation is taking a turn for the worse. The “Wall Street Journal” says the hip-hop star is now facing Chapter Seven liquidation. Young Buck and his Chapter Eleven trustee, Jeanne Burton, filed for bankruptcy back in June. At the time, they were hoping they could modify Young Buck’s agreements with 50 Cent’s G-Unit Records and Universal Music Group so that Buck could receive the necessary revenue to pay off his creditors. Unfortunately, Burton filed court papers last week stating that Young Buck and 50 Cent haven’t been able to come to an agreement. To make matters worse for Young Buck, Burton has become aware of a misappropriation of some of his funds. Burton says she discovered that a “former acquaintance” of the rapper was having performance and appearance fees wired to an unauthorized bank account opened for one of Young Buck’s companies.
Young Buck has battled several financial and legal problems over the past few years. In August of 2010, the IRS raided his Nashville home over 300-thousand dollars in unpaid taxes. During the raid, officials found a firearm and ammunition in the house. Young Buck, who’s a convicted felon, isn’t allowed to possess a gun. The rapper appeared in court back in March to plead not guilty to federal felony gun possession charges. Keep that man and his family in your prayers.
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