Singer Toni Braxton has been in bankruptcy court for a while, seeking to clear up her financial troubles. She has filed for Chapter 7 protection, and has had to pay $150,000 to attorneys and courts to get it all done.
Now, Braxton is finally done with her bankruptcy, which was filed against $50 million in debts. She filed back in 2010 and some of her financial nightmare might be over, for at least a little while.
Braxton is going to have to pay $5,000 per month for 15 months and make a final payment of $50,000. One item of dispute is the $754,000 that Braxton made for performing overseas. The courts are seeking to decide if she is going to be required to give up this money or if she gets to keep it for herself. Braxton says that since she made the money during the bankruptcy process, it’s hers to keep.
The trustee is saying that since Braxton got the money before the filing was complete, she needs to give that money up too. The agreement is that Braxton will pay $50,000 for her property and another $100,000 for her performances. She is also allowed to buy back the copyrights for a bunch of her songs for $20,000.
Not long ago, the singer announced that she was retiring from the music business. It was not clear if her chronic illness was the main reason as she said that she no longer had the passion and drive that she once had for music. Now she is back in the studio and has even announced a summer tour with over 10 cities. Maybe all she needed was a little break from the industry and now her love and passion for her craft have been restored.