No one is immune to the possibility of having to file bankruptcy. From the average Florida family to even the famous who seem to have a great deal of money and potential to earn a lot more in the future may all find themselves in a position where they have no choice but to file Chapter 7 bankruptcy. For legendary singer Toni Braxton, her bankruptcy troubles have plagued her for years but they may finally be over.
The singer filed for bankruptcy in 2010 for the second time. Her debts were reportedly around $50 million dollars. She had a compromise in place to pay $5,000 a month for over a year and a final payment of $50,000 in order to buy back some of her belongings. However, according to reports, she missed the last payment.
Those involved in her bankruptcy deal claim Braxton received payments from a performance and she should have used that money to continue payments related to her bankruptcy filing. She has since agreed to pay the last payment and also $100,000 on top of that. She also was granted the ability to buy the copyright for some of her songs.
While the amount of debt accumulated by the R&B singer may seem to be extreme, people from all backgrounds and of all socio-economic classes find themselves negotiating a Chapter 7 bankruptcy. After bankruptcy has been filed, it is essential that those involved fully understand what they need to pay back and what their future payment obligations may be. With more knowledge and understanding of the law, Florida residents may be able to establish a secure financial future after a Chapter 7 bankruptcy.
Source: Source: eurweb.com, “Singer Toni Braxton Can ‘Breathe Again’ Now That Bankruptcy Case Is Settled,” July 9, 2013