Tuesday, May 22, 2012

I never saw this guy at bankruptcy court

This guy, Young Buck (read more here if you don't know about him -- I personally had no idea who this character was) has just been evicted from his house in Hendersonville, Tennessee, which is outside Nashville.  Apparently, he filed for a chapter 13 bankruptcy back in 2010, which means that he has 3-5 years to pay back his debts.  He owed a lot of money in back taxes, which is a bad thing in bankruptcy, and you can't discharge those.  Young Buck then ended up converting his 13 to a 7 (like most chapter 13 debtors do because it's so hard to meet the requirements of the plan), and liquidation began.  First up, his house.  Let me point out that, in a chapter 7 bankruptcy, you are only permitted up to a certain amount of value of personal items (remember?  you owe people lots of money).  In this picture, you see Young Buck carrying his Louis Vuitton travel bag --- methinks that bag will claim a large chunk of his personal property exemption limit in a 7.  His lawyer might want to have a little chat with Mr. Buck about how-to-look-like-a-pauper.  Poor people don't have bags worth thousands of dollars.

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