Bankruptcy – it’s a bitch. For rapper Young Buck, his financial woes might force him to sell the rights to his rap name. How weird is that? It seems the former G-Unit rapper ran into a bunch of financial problems, and is now in a state of liquidation bankruptcy. As a condition of the bankruptcy, Buck’s name will go up for sale. He’s arguing that he needs to retain the name in order to obtain a new record contract and pay back some of the $11.5 million he owes? Will some other rapper buy it? Maybe an IRS agent? [Perez Hilton]
Say it ain’t so! TLC member T-Boz, one of the ladies who just a few years ago sang about wanting “No Scrubs,” filed for bankruptcy today. T-Boz — real name Tionne Watkins — owes more than $768,000 to creditors, most of which is related to her $1.2 million home. Ms. Boz does have money coming in – she makes around $11,700 a month in income and spends around $8,800 — but she hasn’t been able to make any headway on her nearly million dollars of debt. She’s also claiming that a portion of her outstanding debt is related to unpaid child support bills, totaling somewhere around $250,000. [TMZ]
Of course, T-Boz is hardly the only celeb to file for bankruptcy After the jump, some other celebs who blew their fortunes.
2009 was the year of Lady Gaga. Most of us probably assumed that she was rolling in dough when she embarked on her Monster Ball tour, but apparently, she was totally broke. “I actually went bankrupt after the first extension of The Monster Ball,” Gaga said. “And it was funny because I didn’t know! [I asked] ‘Why is everyone saying I have no money? This is ridiculous; I have five No. 1 singles.’ And they said, ‘Well, you’re $3 million in debt.’”
So, what caused her financial black hole? Keep reading »
Fashionistas, prepare to rejoice. It may soon be to time to celebrate the death of your loathed Crocs. It seems that after selling more than 100 million pairs since 2002, the company is facing mega losses and is on the verge of going broke. In the last fiscal year, the company lost $185.1 million, cut 2,000 jobs, and has gained a debt it still hasn’t paid off. Five months ago, the company replaced the CEO with a man who specializes in brand renewal, but thus far there has been no spike in sales. Although the company plans on targeting specialized fields like caterers and medical professionals, if they don’t pay their debt off by September, they are dunzo. It’s the simple case of too much supply and no demand. [MSNBC]
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A bridal store in Charlotte, NC, went bankrupt and left a bunch of brides without wedding dresses, some just weeks away from getting married. I laughed a little bit because some of the women in the video are crying, but then I thought about how frustrating that would be — not only did they lose “the dress” that they probably spent months looking for, but some spent as much as $5,000 and don’t even have a dress to show for it. Perhaps they should make up their lost money by forgoing a dress and getting married in the nude. [CNN] Keep reading »