Young Buck's Bankruptcy Converted; Rapper To Seek Royalties
Rapper Young Buck's bankruptcy case continues to wind through the court system in Tennessee, as a judge converted his bankruptcy plan from Chapter 13 to Chapter 11.
Creditors recently approved a new trustee to administer the rapper's estate in Chapter 11, which means Buck's label Cashville Records will earn the money to pay off his debts, as opposed to his personal assets.
According to lawyers representing Young Buck, the new structure was needed because the rapper is more engaged in business.
The rapper recently filed a motion to hire a Nashville-based entertainment lawyer named Robin Joyce, to help him secure his royalty payments and record deals to generate income for his estate and business.
On January 31st, Young Buck will do battle with Wells Fargo and their upcoming attempt to seize his 2002 BMW X5, claiming he has missed seven months worth of payments.
If Young Buck fails to meet his obligations in Chapter 11, it could then be converted to Chapter 7 and all of his personal assets would be seized again and distributed to his creditors as payment.