Rapper and former G-Unit member Young Buck, has reached a settlement in his bankruptcy case, after being accused of hiding his royalties. Buck was in debt to several people, including rapper and producer 50 Cent, his ex-girlfriend, the IRS, and other creditors. So, he decided to file for Chapter 7 Bankruptcy of over $35,000 in January 2020.
Young Buck Accused Of Attempting To Defraud Trustee
During the proceedings, Young Buck was not completely honest with the trustee. He withheld information regarding his earnings. It turned out that Young Buck was receiving royalties from publishing earned from his company “Mouth Full Of Ice. The trustee Erica R. Johnson learned that Young Buck was collecting money from publishing earned from his company “Mouth Full Of Ice.”
What Led To Young Buck’s Settlement
After locating Young Buck’s earnings from ASCAP, Johnson determined that Young Buck had received a total of $24,228.14 after filing for bankruptcy. That money belonged to the bankruptcy estate. So, Johnson filed a complaint with the court for turnover of royalties.
The Terms Of Young Buck’s Settlement Agreement
The terms of Young Buck’s settlement agreement are as follows:
- Young Buck must pay back $515 each month. This will continue until a date that will be agreed upon by both parties.
- Young Buck has until the 15th of each month to make the payment, with a 5-day grace period.
- Should Young Buck default on the settlement, the bankruptcy estate will be going after the entire unpaid balance.
- All royalties from his catalog prior to January 2020, must be turned over to the trustee to pay off the rapper’s creditors.
It’s good to see that the rapper was able to reach an agreement in his case, and of course we wish him the best of luck with that.
Written By chi_journalist
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