Toni Braxton bankruptcy case settled

July 6, 2013 at 12:32 PM
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LOS ANGELES, July 6 (UPI) -- U.S. singer Toni Braxton's bankruptcy case was settled after she agreed to pay $150,000 to start over, court documents indicate.

The singer filed for bankruptcy in 2010, saying she had debts of as much as $50 million. It was the second time she'd filed Chapter 7.

Court documents said Braxton had made a deal during her first filing to obtain some of her personal items that she lost, in exchange for paying $5,000 per month for 15 months, TMZ reported. The arrangement was for her to pay $50,000 on the last month, but she missed that payment.

The other issue was that Braxton argued she should be able to keep $754,000 she made for overseas performances after she filed bankruptcy. The trustee argued, though, she was technically paid for those shows before she filed Chapter 7, so she should forfeit rights to the money.

The agreement reached this week means Braxton would have to make the final $50,000 payment for her personal property, and forfeit $100,000 of the overseas payments she received, TMZ reported.

The agreement gives the singer the opportunity to buy back the copyrights on some of her songs for $20,000 when they go to auction July 15, assuming someone doesn't outbid her.

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