Young Buck‘s money problems keep on piling up. As his 2002 BMW X5 got repossessed after he had missed payments and owes more than $5000 on it. As well recently his IRS repayment plan got revised to help him.
A federal judge has converted the bankruptcy proceedings of Nashville rapper Young Buck from an individual repayment plan to a business reorganization. The conversion from Chapter 13 to Chapter 11 proceedings, ordered Thursday, comes as a bank is attempting to repossess the entertainer’s BMW over missed payments. According to court documents, Young Buck, whose real name is David Darnell Brown, was not making payments as required under the Chapter 13 proceedings, which stipulated that his label, Cashville Records, dock his pay $12,500 a month for 60 months, for a total of $750,000. A hearing will be held Jan. 31 on Wells Fargo’s request to foreclose on Brown’s 2002 BMW X5. The bank claims Brown has missed about seven months’ worth of payments and owes more than $5,000. In a response, Brown argued against the seizure by claiming that there is equity in the vehicle and that it is used to take his children to school and other activities. (Tennessean)
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