Iyanla Vanzant forget fixing my life, can you ‘fix my finances’? Yes Gawd. Chile Toni Braxton has been going through this second bankruptcy for forever and 3 days. The bankruptcy process started in 2010, and in the original paperwork, Toni & friends were claiming debt in the ball park of $50 million. Good gawd almighty, what what Oprah say? Toni had to be buying a whole lot of Gucci flatware to rack up that kind of debt. Catch these T’s, $150,000 made it all go away. That’s right, Toni owed $50 mil, but $150, 000 payed to the trustee wiped out all the debt. Talk about fixing your credit! Catch all these T’s
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. ~TMZ
Though it is fun to laugh an poke fun at celebrities going broke, I gotta be fair and remind y’all that wasteful spending and poor money management was not the reason Toni Braxton had to file bankruptcy. Remember when Toni was doing that stint in Las Vegas? Well Toni took ill and was unable to perform any longer. She only performed a portion of her contracted time. The hotel’s insurance policy refused to pay them for the lost monies of the Toni Braxton production. Just handling their business, the hotel was forced to file suit against tony. Toni, not having an extra bazillion dollars laying around, was forced to file bankruptcy in an effort to protect the creditors from coming after EVERYTHING she owns. So you see, this time around, her bankruptcy was more of a strategic move than a move of necessity. I wonder if she’ll let me get a sofa on her new rooms to go card?