Toni Braxton has reportedly settled her bankruptcy case. As previously reported, the diva filed for bankruptcy for the second time back in 2010 — claiming that she was $50,000,000 in debt. According to TMZ, Toni made a deal with the trustee to buy back some of the personal property she lost. The deal was to pay $5,000 a month for 15 months with the last payment being $50,000. Toni made all of the payments except for the last one.
Another issue in the case was the fact that Toni made $754,000 for performances overseas after filing for bankruptcy. Toni argued that she was legally entitled to keep the money earned from the performances, while the trustee argued that since she was technically paid before the Chapter 7 filing, she should have to fork it over.
The two parties came to an agreement last week — Toni agreed to pay the $50,000 owed for the property and $100,000 from the performances. Toni and the trustee also came to an agreement that she could buy back the copyright on some of her songs for $20,000. They go to auction on July 15th and if she doesn’t get outbid, they are hers to keep.
A judge still needs to sign off on it all. (Pulse of Radio)
