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Trustee considers selling rapper Young Buck's name in chapter 7 bankruptcy

Students enrolled in English literature courses may not have thought Shakespeare's famous line "What's in a name" could possibly appear on a bankruptcy blog may be surprised. But the trustee in a chapter 7 bankruptcy case may find value in a name.

Multiplatinum rap artist Young Buck entered an individual bankruptcy reorganization proceeding in Oct. 2010. Recently, however, that case was converted to a chapter 7 bankruptcy due to a continuing contract dispute between Young Buck and his mentor 50 Cent.

The ongoing contract dispute, which also involves 50 Cent's G-Unit Records, means that Young Buck has no continuing income to meet the payments in his reorganization bankruptcy. The case has been converted to a chapter 7 liquidation, and one of the assets the trustee administering the case is considering selling in the liquidation is the rap star's trademarked moniker, "Young Buck."

The rap star, whose real name is Davis Darnell Brown, is disappointed that his reorganization was converted to a chapter 7 bankruptcy. He has not been able to record since he and 50 Cent had a falling out in 2008, leading to financial woes.

However, the rapper says he is close to resolving the contract dispute with G-Unit Records that involves a multi-party deal. The end result would be for Young Buck to sign with a record label known as Cash Money. That deal, if completed would allow Young Buck to resume recording, and potentially regain a current income to support a payment plan in the reorganization bankruptcy.

Cincinnati bankruptcy attorneys know that most personal bankruptcies are filed under chapter 13 or chapter 7. Generally, a chapter 13 bankruptcy is a reorganization bankruptcy, allowing individuals with an income to create a payment plan that runs between three and five years to find meaningful debt relief.

Chapter 7 bankruptcies operate as what is known as liquidations, where certain types of non- exempt property is sold off to pay creditors before the remaining debt is discharged. Many chapter 7 bankruptcies, however, are called "no asset" bankruptcies. What that means is that all the assets owned by the debtor are exempt from the bankruptcy estate. The debtor essentially keeps all of his or her property in a no asset bankruptcy.

Ohio residents who are lumbering under unmanageable debt should consider speaking with an experienced Cincinnati bankruptcy attorney to learn what options may be available to find a fresh start.

Source: The Detroit Free Press, "Rap artist Young Buck could lose his name, other assets in bankruptcy case," Brandon Gee, Dec. 23, 2011

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