TMZ

Our TV Shows

Got a Tip?

Call TMZ at (888) 847-9869 or Click Here

Toni Braxton

Bankruptcy

Case FINALLY Settled

7/6/2013 9:00 AM PDT BY TMZ STAFF
EXCLUSIVE

0705_toni_braxton_gettyIt seems like Toni Braxton has been in bankruptcy forever, but TMZ has learned she has finally settled her Chapter 7 blues ... and it cost her $150,000 to wipe the slate clean.

As TMZ first reported, Braxton filed for bankruptcy (for the second time) back in 2010, claiming debts as high as $50,000,000. Yikes.

According to docs filed in the bankruptcy, Braxton made a deal with the trustee to buy back some of the personal property she lost. The deal was for Braxton to pay $5,000/month for 15 months with the last payment being $50,000. Braxton made all the payments ... except for that last one.

The other part of the case hanging over Braxton's head was the issue of $754,000 Braxton made for overseas performances. The shows took place AFTER Braxton filed for bankruptcy, so she argued that she was legally entitled to keep the money earned from these performances.

However, the trustee argued since Braxton was technically paid before the Chapter 7 filing (the money was put in escrow before the shows, she didn't get it til after) she should have to fork it over. 

The trustee and Braxton finally came to an agreement this week -- Braxton agreed to pay the $50,000 she owed for the property and $100,000 from the performances.

Lastly ... Braxton and the trustee came to an agreement that she could buy back the copyright on a slew of her songs for a cool $20,000. They go to auction on July 15 and they're hers, assuming she doesn't get outbid.

A judge still needs to sign off on it all ... but it appears this bankruptcy case is finally over.

On to the next one ...

56 COMMENTS

No Avatar
1.

Jordan    

Only in America someone can go spend 50 million claim Bankruptcy and she walked away with 50 million in goods and services and it only cost $150,000!!!!!!!!!!!

440 days ago
2.

Just_Me    

Bravo, Toni! Happy to see that you're getting things back on track.

440 days ago
3.

Jordan    

Congress needs to admit that this is Welfare for the Rich who do not think they need to Pay to Play?

440 days ago
4.

Cartman    

It's racist that she had to pay her bills!

440 days ago
5.

Cheekymonkey    

Damn the 90's and all their profits! If only there was a way to save or invest millions of dollars! Arrgghhh!

440 days ago
6.

shakedoggy    

i wonder how long it will take her to rack up 100 million in debts this time. hopefully not too long...

440 days ago
7.

The Atlanta Church Of Satan     

That's a lot of weed.

440 days ago
8.

jj    

BRAXTON is a THEIF

440 days ago
9.

Ozzie X    

Unsecured credit. I built mine to $35k and yawned. Declared bankruptcy w00t.

440 days ago
10.

Vince    

Don't these entertainers have any common senses when it comes to money? You give me a chance to have that much Ill show you how to manage it....A fool and her money I guess

440 days ago
11.

HumanNature    

SHE'S NOT THE "FIRST" TO FILE BANKRUPTCY!!!!!


LOOK AT DONALD TRUMP!!!!!

440 days ago
12.

Jamey Hunter    

So...she racks up millions of dollars in dent and then walks away from all of it but a few dollars. She'll record a new CD or do another tv show and be able to restart her lifestyle and start racking up the debt again. PITIFUL. She could have been forced to pay it back based on her past employment.

440 days ago
13.

river rat    

Perhaps the lady should live within her means!

440 days ago
14.

Snerkles    

Oh, "Bravo," my ass, Just_Me! She knew she was running up ridiculous bills, before she declared
bankruptcy, the first time. It takes an idiot, to think
you would get away with it, the second time. Oh,
wait...she did get away with most of it, the second
time. 'Ready for the 3rd go-round, Toni? It's
obvious that you're never going to use a little
integrity, in life. Disgusting.

440 days ago
15.

aquanet    

How many times has this chick filed for bankruptcy? Seem slike every 8 years she is filing again. she needs a class on how to live on a budget.

440 days ago
| 1 | 2 | Most Recent | Next 15 Comments

Around The Web