A Chapter 11 trustee who was investigating David Darnell Brown, also known as Young Buck of the rap group G-Unit, has determined that the rapper's Chapter 11 bankruptcy could not successfully be completed. The trustee concluded this after reviewing Brown's finances since January, and now a judge has ordered the Chapter 11 matter be changed to Chapter 7 liquidation.

With Chapter 7 liquidation, you can have your assets sold to generate money to pay back creditors. You can request that certain possessions or property be deemed exempt from this sale during the bankruptcy proceedings, and you can also ask for portions of the debt to be discharged. Ultimately, there are no guarantees in either scenario.

Brown attempted to leverage his partnership with G-Unit as grounds for Chapter 11 reorganization. But a deal with G-Unit records could not get done, as the label rejected the most recent deal that would allocate Brown's future earnings towards repaying his current debt. The judge's decision to move the bankruptcy filing to Chapter 7 liquidation puts an end to any potential agreement between Brown and G-Unit.

Brown's creditors will meet on January 30 in Nashville, Tennessee to discuss the status of his bankruptcy.

When considering personal bankruptcy, consult a legal professional with experience in the field. Chapter 7 is hailed as a simple filing, but embarking on such an important financial decision such as bankruptcy should be done with a knowledgeable representative on your side. The guidance and support provided by an experienced bankruptcy lawyer can spare you excess stress during a difficult financial time in your life.

Source: Wall Street Journal, "Bankruptcy Judge Orders Young Buck Into Liquidation," Jacqueline Palank, Dec. 22, 2011