*Toni Braxton has settled her bankruptcy case.
TMZ reported that Braxton filed for bankruptcy for the second time back in 2010, with debts as high as $50,000,000. It “only” cost her $150,000 to settle the case.
The bankruptcy documents stated that Braxton made a deal with the trustee to buy back some of her personal property that was lost. She was to pay $5,000/month for 15 months with a final payment of $50,000. Braxton managed to make all of her payments except for the final one.
Braxton got compensation for a series of overseas performances, that took place after she filed for bankruptcy and felt legally she was entitled to keep the money, because it was issued after the claim.
But the trustee argued against Braxton; stating that although she didn’t get the money from the performances until after the Chapter 7 filing, the funds were put into escrow beforehand and therefore she should have to pay up.
However, she and the trustee came to an agreement last week. Toni Braxton agreed to pay the $50,000 she owed for the property and $100,000 from the performance. The agreement also allowed her to buy back the copyright for a number of her songs for $20,000. They’re set to go to auction, in hopes she won’t be outbid.
It looks like Toni Braxton can finally put the bankruptcy case behind her.
