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Tennessee rapper gets fresh financial start after bankruptcy

In general, consumers struggling with financial challenges can choose to file either Chapter 13 bankruptcy or Chapter 7 bankruptcy. While both form of bankruptcy have pros and cons, Chapter 7 is by far the most popular form of bankruptcy protection in the U.S. One reason is that Chapter 7 allows debtors to get rid of the majority of what they owe creditors and establish the fresh start they need with relative ease.

Tennessee readers may be familiar with Young Buck. The troubled Tennessee musician serving time on a weapons charge filed for Chapter 7 bankruptcy protection about three years ago. The filing stemmed from an IRS raid on Buck's assets for unpaid taxes. The seized assets belonging to the rapper were reportedly sold off to pay back the government. By the conclusion of the bankruptcy liquidation, the IRS was paid in full.

In addition to the IRS, the New York State Tax Department reportedly received nearly 85 percent of what it was owed, while others received smaller portions of their claims against him. After liquidating his estate and repaying creditors, the remaining debt was wiped out. This included more than $100,000 in loans from fellow rapper 50 Cent and nearly $10 million that was sought from Buck by record label G-Unit Records.

Although filing for bankruptcy is never an easy decision to make, sometimes it is exactly what is called for. Filing for bankruptcy can help consumers get back on track, free of the stress and harassing creditors that plague them today. To learn more about bankruptcy and to begin the process of getting rid of outstanding debt and overwhelming financial challenges, it is important to talk with a debt relief attorney immediately.

Source: BET, "Young Buck Out of Bankruptcy," Latifah Muhammad, Sept. 19, 2013

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