Posted: Wednesday – September 1, 2010
Nashville, Tennessee rapper Young Buck has released a statement regarding his tax battle with the IRS and reports of a planned $5 million dollar lawsuit against G-Unit leader 50 Cent.
Young Buck filed for Chapter 13, which allowed the rapper to keep all of his possessions, as he pays back an estimated $12,500 per month, over the next five years.
“I was forced to file bankruptcy, not because I am broke.” Young Buck said in a statement. “But because I have to get my finances back in order and deal with the contract situations I was in. Now I have a clean slate and full control over my own life and career.”
Representatives for Young Buck also confirmed his bankruptcy status has negated “any and all contractual obligations held by the filer, which in the case of Young Buck, includes his recording and publishing contracts with G-Unit Records, thus allowing him to shop for another deal.”
Young Buck also shot down reports that he would be filing a lawsuit against 50 Cent, G-Unit and former manager Sha Money XL.
“Where did that rumor come from?! I have not filed suit against anyone, although, maybe that’s not a bad idea,” Young Buck told AllHipHop.com in a statement.