Posted on Friday, December 30th, 2011 at 5:16 pm
A bankruptcy judge converted the Chapter 11 bankruptcy filing by Nashville-based rapper, Young Buck, to Chapter 7 liquidation this week.
Young Buck, real name David Darnell Brown, allegedly owes $11.5 million to nearly two dozen creditors, including 50 Cent’s G-Unit Records. As part of the Chapter 7 liquidation case, Brown could lose his trademark on Young Buck. In Chapter 7 liquidation, assets are sold in order to pay back debts.
The rapper was unable to reorganize his debt through Chapter 11 bankruptcy after G-Unit Records and Universal Music Group refused to modify his recording contract, which would have helped Brown pay off creditors. $10 million of his $11.5 million debt is owed to G-Unit Records.
If you are struggling with bankruptcy and are considering filing for Chapter 7 bankruptcy, contact the Houston Chapter 7 bankruptcy attorneys from the Russell Van Beustring P.C., at 713-973-6650.