Encouraging the wealth building and management of young minorities

Young Buck has been dealing with a sad state of affairs since leaving G-Unit in 2008. Unable to satisfy his debts, he filed for bankruptcy in the fall of last year. As 2012 rolls around, it appears that nothing has changed. The hip hop artist is still facing bankruptcy. What might be changing is the type of bankruptcy. Detroit Free Press reports the following:

“There was no deal finalized within the time frame that was necessary for the case to remain in Chapter 11,” Holmes said. “There are insufficient remaining funds in the estate to pay the ongoing administrative expenses that are due.”

Under Chapter 11, Buck would be able to craft a plan to repay creditors using future revenues. Under Chapter 7, his assets can be sold and distributed to creditors. Buck entered bankruptcy in October 2010.

Buck said the trustee’s move was shortsighted.

“I just wish the trustee would understand that I’m actually in a position to actually work again,” he said. “Either way it goes, you’re going to get paid. I’d be back working again. My income would only grow just by being a part of a company that’s as big as Cash Money and by being an artist as talented as I am. Cash Money provides me with a job to pay off the bankruptcy and creditors.”

If that isn’t bad enough, Young Buck is facing a federal criminal charge of “being a convicted felon in possession of a gun and ammunition”. How does a man who becomes blessed enough to gross a few millions and travel around the world return full circle to the exact situation he was probably in before he became famous? Broke again? Check. Crime? Check. Unemployed? Check. Some people just never learn. It’s sad that his children have to suffer because of his reckless actions, which we covered before.

Three Pieces of Advice for Young Buck:

1. You’re Broke: At this moment, you are broke. While you might wish that the courts would share what you envision as your future wealth, it hasn’t come for sometime now. Bankrupctcies aren’t fun, but it’s the consequence for spending out of your means. You couldn’t afford a fraction of the lifestyle you were living. You spent your career stuck in the future checks that were coming. All of it was gone in an instant once the industry chewed you up and spit you out, which will bring us to our next point.
2. No One Will Save You: You seem to have this delusional idea that a record company will have your best interests at heart. We hate to break it to you, but you’re a walking payday for any record company. You’re broke and desperate, which means they’ll sneak just as many clauses into your contract, just as 50 Cent with G-Unit did, and that’s if you ever can get out of your iron-clad contract that you still have with G-Unit. Doesn’t seem as if you’ve learned much about the industry if you think an advance with a new contract means free money. This is the mindset that’s gotten you into the mess that you are currently in. Also, if you haven’t gotten a clue and learned to hire an independent lawyer to overlook your contract if you should ever sign another contract, then you’re a bigger fool than we would have thought.
3. Grow Up: Not only are you dealing with financial issues but criminal ones as well. You’re going to have to pick your path, but you can’t adapt the behaviors of a thug and expect to live like a rich mogul and free man. If you’re declared innocent after your federal trial, think about your kids and act responsibly. At this point, you are your own worst enemy.

There’s always an opportunity to change, but Young Buck’s quotes have us fearing the worst for him. He’s a bit delusional, and if he doesn’t have a serious wake-up call he’s going to get the Lil Boosie package.

{ Comments on this entry are closed }