Young Buck Forced Into Liquidation Due to Bankruptcy

Financial problems worsen for former G-Unit rapper.

Posted: 12/22/2011 05:37 PM EST
Young Buck

Hard times are only getting harder for Cashville's No. 1 rapper. Former G-Unit soldier Young Buck is being put through the ringer due to his deteriorating financial situation. 

This past October, Jeanne Burton, the trustee enlisted to help Buck out of his bankruptcy, determined that he "no longer has a viable shot at reorganizing." This week, Judge George C. Paine II of the U.S. Bankruptcy Court in Nashville, Tennessee came to the same conclusion and decided to switch Buck's Chapter 11 reorganization to a Chapter 7 liquidation, reports The Wall Street Journal.

As previously reported, the former G-unit member filed for bankruptcy in September 2010 less than a month after his house was raided by IRS agents.

At that time, Buck told reporters that he wasn't filing bankruptcy "because I'm broke," but because "I have to get my finances back in order and deal with the contract situations I was in."

Part of Buck's original claim for filing Chapter 11 bankruptcy was contingent on his ability to change an agreement he made with 50 Cent's G-Unit Records and Universal Music Group. Unfortunately, 50 did not agree to the terms of the new plan formulated to relieve his former friend. 

 Buck is scheduled to appear in court again on January 30.

 

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