Toni Braxton’s Bankruptcy Is FINALLY Over! Receiving New Credit Card Offers In Mail ALREADY

Posted in Braxton Family Values, music

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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

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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?

 

37 thoughts on “Toni Braxton’s Bankruptcy Is FINALLY Over! Receiving New Credit Card Offers In Mail ALREADY

    • @ Lilian: Did you actually read the post? Toni wasn’t being high maintenance. She has suffered through multiple illnesses, including heart disease and lupus. Her son is autistic, too. Autism can be expensive to treat.

      • Dont blame getting ill on her not paying her bills, aaing not handling your finaces properly, she over spends and does not save for the future. She should have been saving for a rainy day instead of spending….

  1. LaDisgrace I mean LaFace records has screwed over more than a couple of people so i’m sure the fallout from that plus her complications with Lupus was extremely hard to deal with on top of having to raise an autistic child. I’ve watched 2. It’s a 24/7 job with a child with mental disabilities and EVEN if you DO have an assistant or nanny, it’s still constant worrying and stress which ultimately probably made her lupus worse. FURTHERMORE it’s one thing if you have car note debt, college loan debt, etc…but these celebs are racking up hundreds of thousands. Hell owing 26k on a loan is a hell of a lot different than owing 100k. God Bless Toni, I hope she can keep it moving.

  2. Nooo remember the “T” the people she hired to do her shows and buy her clothes and the record company robbed her into 50million$ debt watch that old Oprah interview on you tube Toni was singing and the people she trusted her accountant and a few others she trusted robbed her we always felt sad for Toni because she was mislead into debt smh ….Im glad she out of debt I just wish she can come back like POW! to me there was Whitney,Mariah and Toni so want a big comeback for her ♥

  3. dineva still had to give her once last kick, rooms to go card…pahahahaaaa. on the real though, the twists and turns of toni’s life are so hearbreaking. she is a true living legend, people should remember that!

  4. Well people are forgetting that Toni’s diagnosis of Lupus has forced her into financial ruin the second time around but I what I don’t understand is where are all of her financial managers? I just don’t get it!!! SMH!!

  5. Hello, she filed bankruptcy this time because she used HER own money to finance her Vegas show and had to pull out because of complications with lupus!

  6. Folks, PLEASE READ what Dineva wrote. Her bankruptcy had NOTHING to do with her spending habits or bill paying habits. Geez!

  7. THANK YOU for telling the truth about Toni’s bankruptcy (albeit, we could have done without the opening jokes). However, I DO like your style. I just hope the tour schedule she has lined up for August doesn’t negatively affect her health. It worries me.
    Anyway….thanks for the article.

  8. This is her second bankruptcy…I pray that she’s taken some type of financial management classes or something

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