David Darnell Brown, the rapper known as Young Buck, is facing bankruptcy and may have to dispose of his trademarked name during the liquidation, reports the Tennesseean.
A big part of Young Buck's financial difficulties is a contract dispute with the record label run by rapper 50 Cent, as noted by FindLaw's Celebrity Justice Blog.
Young Buck's case was converted from a Chapter 11 reorganization to a Chapter 7 liquidation on order from a judge, reports the Los Angeles Times.
Some people might be wondering how it was that rapper Young Buck's bankruptcy was a Chapter 11 to begin with. Isn't a Chapter 11 bankruptcy for companies?
Well, it turns out that in some rare instances individuals can file for Chapter 11. Since a Chapter 11 is called a reorganization, it means that the plan the individual or company going bankrupt offers must be viable. If a court determines that it is not viable or has little chance of success then the Chapter 11 may be converted into Chapter 7, as happened in Young Buck's bankruptcy.
The controversy of Young Buck's trademarked name plays into his bankruptcy, because if he is forced to part with his name, it would get in the way of him being able to sign a new deal with a new label. They might not want to take on a famous rapper that did not have his famous name on him. (Although one wonders what would happen if Young Buck started using a baby deer as a symbol).
In any event, as difficult an industry as contemporary hip-hop is, it is important to note that rappers also face questions of bankruptcy. Studying what they do might be able to help the average person with their own bankruptcy. This is one area where rappers do actually make good role-models.
David Darnell Brown's next hearing is on January 30.
Related Resources:
- Find an Atlanta Bankruptcy attorney (FindLaw)
- Birdman Addresses Young Buck and Lil B Cash Money Signing Rumors (SOHH)
- Issues in Chapter 7 Cases (US Department of Justice)
- The Challenges and Benefits of Chapter 11 (FindLaw's KnowledgeBase)
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