Young Buck to Lose BMW?
Young Buck still can’t seem to get his finances in order. Aside from his tax issues, Wells Fargo Financial Tennessee Inc. is looking to seize his BMW SUV.
The financial institution filed court papers Friday (Jan. 7) in Buck’s bankruptcy proceedings to obtain the right to foreclose on the former G-Unit members 2002 BMX X5. Buck has missed seven months worth of payments on the vehicle, totaling more than $5,000. The bank is arguing that based on the current financial status of the 29-year-old, they should be allowed to take the car.
This latest financial hiccup is just one of many that have been plaguing Buck in recent years. After cutting ties with 50 Cent, Buck has found himself on the losing end of one fiscal battle after another. As previously reported, federal authorities raided his Nashville home last August, in an attempt to seize personal items to pay down his over $300,000 IRS bill. His belongings were set to be auctioned off, a move that was later stopped.
In October, Buck announced that he would be suing Uncle Sam for taking his belongings, but owned up to his financial mistakes. “This IRS situation came about because I trusted accountants, lawyers, and managers to handle my business for me while I focused on making music,” Buck explained in an interview. “From now on, I am going to stay on top of my own business.”
A hearing regarding the vehicle has been slated to take place before a Nashville Bankruptcy judge on Jan. 31.