Rapper files his third Chapter 13 bankruptcy in 3 years
Media reports suggest that Florida rapper Maurice Young, who is better known by his stage name Trick Daddy, has filed his third Chapter 13 bankruptcy petition in as many years. Young is said to have sought debt relief for the third time on the same day that his Miami residence was scheduled to be auctioned under the state’s foreclosure laws. The rapper’s previous two Chapter 13 filings were dismissed because he failed to make the required plan payments according to a number of media sources.
Young’s latest Chapter 13 petition is said to disclose assets of between $100,000 and $500,000 and debts of up to $1 million. The most significant asset is the rapper’s home, which is believed to be worth about $400,000. Young’s other assets include furniture worth $2,500 and jewelry valued at $400. While the singer claims to have no cash or liquid investments, he does admit to owning a $10,000 stake in a music publishing company.
The filing includes $57,000 in back child support among Young’s debts, and the rapper also owes $280,000 on his home mortgage and almost $300,000 to the Internal Revenue Service. Young says that he earned only $75,000 in 2016 and is on track to earn even less in 2017. Hip-hop fans will be able to see Young in an upcoming episode of the reality television series “Love & Hip Hop: Miami”.
This case reveals how quickly filing a personal bankruptcy can put a halt to foreclosure. Pursuing debt relief under the nation’s bankruptcy laws also prevents creditors from making harassing phone calls and garnishing paychecks. Attorneys with experience in this area could explain the differences between a Chapter 7 and Chapter 13 personal bankruptcy and how both of these debt relief options offer the possibility of a fresh start.