Young Buck has filed Chapter 13 bankruptcy, hot on the heels of an Aug. 3 raid on his Hendersonville, Tennessee home by agents for the Internal Revenue Service.

Chapter 13 bankruptcy protection allows debtors to settle their debts using regular income and without interest. Documents indicate that Young Buck, real name David Darnell Brown, proposed having his label, Cashville Records, dock his pay $12,500 a month for five years, for a total of $750,000, The Tennessean reported Wednesday. The filing claims Brown earns $19,170 a month.

The proposal allows Brown to keep all other income, including royalty payments.

The IRS seized property — including jewelry, furniture, awards, and video games — during last month’s raid. The “Let Me In” star owed more than $300,000 in back taxes, interest and penalties to Uncle Sam. Other creditors chasing Buck include the tax officials in the State of New York, American Home Mortgage Service, and Wells Fargo Auto Finance.

When it rains, it pours: The Nashville home of former G-Unit star Young Buck was raided on Tuesday — but the it wasn’t the FBI or the DEA that rolled in on the “Shorty Wanna Ride” hitmaker.

Buck got a visit from The Tax Man.

Let this be a lesson to all the tax cheats in the house (We see you, Chris Tucker.) Uncle Sam wants his money, and he gets quite salty when he doesn’t get his dockets and dinero on time.

Buck said that he should’ve been more hands-on with his financial matters and blames his former management team, accountant, and label for the debacle that has left him more $300,000 in debt to the Internal Revenue Service. After years of back and forth, the IRS showed up to Young Buck’s doorstep today with armed federal agents and seized assets such as recording equipment, jewelry, furniture, and his platinum wall plaques in a bid to settle the massive debt.

They even confiscated the children’s Playstation.

“The worst part of this isn’t the material stuff–that will all be replaced,” the defeated rapper said sadly Young Buck. “It’s what it does to the people around me. They took my kids’ Playstation, my assistants’ computers, and baby’s mothers’ jewelry. They took my home studio so I can’t even record…”

Buck said: “I have a new team in place, but I am also paying full attention now. Nothing like this will ever happen again. This is a huge wake up call for all entertainers to stay on top of your own trusted employees and team members, and replace anyone that was put in place by your record label if the situation you have goes sour. This IRS situation came about because I trusted accountants, lawyers, and managers to handle my business for me while I focused on making music. From now on, I am going to stay on top of my own business.”

Young Buck’s a big platinum chain-wearing crybaby. A scandalous audio tape between 50 and Buck features the Nashville-bred MC’s having an emotional breakdown over his ousting from G-Unit.

50 Cent has officially tossed rapper Young Buck out of G-Unit, the group’s boss told Hot 97′s Miss Jones on Monday.

“You can look at it and see that’s Game all the way. I was giving him a chance, giving him the benefit of the doubt (to remain with the group). You can take this as an official notice right here – pretty much you can say: Young Buck is no longer in the group G-Unit, but signed to G-Unit (Records) as a solo artist.”

As if it isn’t bad enough that she’s starting to look like a damn Bratz Doll, Lil Kim was recently spied making a spectacle of herself on stage at a Young Buck concert.

Check out the footage here

Spywitnesses are reporting that Young Buck declared his depature from G-Unit during his performance at HOT 107.9’s Birthday Bash XXII. According to Miss Info, Hot 97′s resident tattle, the public outcry against G-Unit never happened: “Eyewitnesses at the 107.9 Atlanta radio station bash say that he talked about his new label Cashville Records, which he recently found a home for (with help from Sha Money XL, 50’s original right hand man, who is no longer with G-Unit), but he never dissed 50 and G-Unit,” Info says.

50 Cent has denied reports he has fired Young Buck from his G-Unit group, calling his comments on New York radio station last week a “late April fools joke”.

50′s manager Chris Lighty insists the comments were all made in jest.

“It was just a late April fools joke. 50 Cent has a twisted sense of humor.”

Young Buck’s vocal opposition to Tony Yayo’s alleged teen assault has cost him his place in G-Unit.

50 was on Miss. Jones’ Hot 97 Morning Show on Wednesday, and the platinum selling rapper took the opportunity to throw his Southern protege under the bus:

“If you listened to the Angie Martinez show when Young Buck was on there, he made references to himself as being his own man and making his own decisions, and trying to make friends with people that I have issues with,” explained 50. “I hold him in the same space that I held Game in…now since then, Game has released a record and dissed him again. That right there just shows you.”

“It doesn’t say me and Buck got beef,” emphasized. “He’s in the same space. He’s in the same boat from having the same actions.”

Check out the audio here.