After years of being in bankruptcy, Toni Braxton has finally settled her financial woes.
In 2010, Braxton claimed she was in at least $50,000,000 worth of debt, causing her to file for bankruptcy for a second time.
Braxton attempted to purchase several belongings she lost after her Chapter 7 filing, in a deal that ordered the singer to pay $5,000 a month for 15 months and a final payment of $50,000 to a trustee. Braxton almost completed the payback as she paid all but the final amount.
The Braxton Family Values star also found herself owing more money after earning $754,000 for a performance that took place after her bankruptcy claim. Braxton refused to hand over the money she received from the show because she believed it was her legal right to keep it since the funds were given to her post filing.
Braxton and the trustee decided to settle their financial differences this week and the reality star has agreed to fork over the $50,000 she owed for her belongings and $100,000 to pay off the debt she owed from the performance earnings. She also has the option to pay $20,000 to purchase copyrights to several of her songs.
The trustee and Braxton are now awaiting a judge’s approval of their agreement.