Creditors Request That A Shield Of Bankruptcy Protecting Young Buck Be Lifted

posted March 09, 2011 11:22:00 AM CST | 27 comments

Creditors Request That A Shield Of Bankruptcy Protecting Young Buck Be Lifted

On top of legal problems Tennessee rapper Young Buck now faces issues with creditors attempting to seize his property.

Earlier this week it was revealed that rapper Young Buck had been indicted on a gun charge and could possibly face 10 years in prison and now it seems that the Tennessee rappers luck has just gotten even worse.

Although Young Buck filed for bankruptcy last year creditors are now requesting that the court lift the shield of bankruptcy guarding Young Buck.

According to the Wall Street Journal several companies including Wells Fargo Financial Tennessee Inc., Ally Financial Inc., and Select Portfolio Servicing are all looking to seize property from Young Buck.

Each company is scheduled to appear in court later this month for a hearing that will decide if the rapper will in fact keep his property.

But according to Chapter 11 trustee Jeanne Burton, when it comes to the mortgage on Young Buck’s Hendersonville, Tennessee home it’s unclear who is the lawful holder of the mortgage since it was transferred from the original holder.

“Movant has failed to provide sufficient proof that it is the lawful holder of the mortgage with the right to enforce same,” wrote Burton, according to the Wall Street Journal.

Young Buck owes over $500,000 on his mortgage, about $11,000 on a Cadillac Escalade, and an unknown amount on a 2002 BMW X5. 

Share This

one moment...
Reply To This Comment

Got an account with one of these? Log in here, or just enter your info and leave a comment below.