After the Tax Man paid a visit to his house and took everything that wasn’t attached to the floor, Buck is striking back and filing for protection under Chapter 13 of the bankruptcy code in hopes of keeping his assets.
Says the Nashville City Paper:
The bankruptcy petition came to light Monday after Nashville’s U.S. District Court lifted the seal it had placed on court filings related to the August 3 seizure. The Chapter 13 process, designed to allow individuals to restructure their debts, automatically halts efforts by any creditor — even the IRS — to collect on debts owed by the person who files. Creditors can ask the bankruptcy court to lift the stay against them on certain grounds, allowing them to move against the debtor. The tax authority claims Brown owes it about $305,000 for taxes due between 2006 and 2008, including penalties, interest and collection costs.
In a court filing that detailed the materials seized, IRS revenue officer Lauren Thompson valued them at roughly $70,000. Among the property listed were these items:
* A “Breitling Bentley Watch with diamond face and band,” said to be worth $31,000.
* More than $20,000 worth of music-recording gear.
* More than a dozen plaques, photos and other memorabilia related to albums by rapper 50 Cent, with whom Brown has been in a feud for several years.
* A portrait of rappers Lloyd Banks, Tony Yayo, 50 Cent, Eminem and Young Buck.
* “G-Unit Beg for Mercy Award pictures.”
* “Faux fur men’s light grey coat w/ ‘YB Cashville’ stitched inside.”
* Six televisions, including four with screen dimensions between 43 and 55 inches.
* “Ms. Pac Man video game.”
* “Hand crafted snake skin purse from Nigeria.”
* “Indigenous Art from Australia.”
* “X-Box machine.” (Brown complained after the raid that “they took my kids’ Playstation.”)
In documents filed August 19 as part of the bankruptcy filing, Brown declares assets of almost $6 million and liabilities just under $1.04 million. But $5 million of the assets come from a contingent claim listed as “Brown v. Bruce Seckendorf, G Unit Inc,. Curtis Jackson III, Michael Clervoix.” The filings do not specify whether this is a lawsuit Brown has already filed or one he contemplates filing later.
I wonder if this was that big announcement he was talking about.