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Toni Braxton Bankruptcy Causes Record Label to Lose $16 Million


Toni is moving on with her life and getting that big monkey off her back.

Toni Braxton owed her former record label over $16 million dollars, but she won’t have to pay them a dime according to the trustee presiding over her 2nd bankruptcy case — exclusively reports.

Braxton filed for her 2nd bankruptcy in 2010, explaining she racked up debts in the $10 – $50 million dollar range but only had assets in the $1 – $10 million dollar range.

The singer spoke out about the bankruptcy, claiming she had racked up millions of dollars in debt due to her health problems that forced her to cancel a series of Las Vegas shows. Braxton famously filed for bankruptcy the 1st time back in 1996, following a unsuccessful legal battle with her record label.

Braxton filed for Bankruptcy back in 2010 and the case had been pending ever since, with the trustee attempting to sell off the singer’s assets and pay back the majority of her creditors.

Then on May 4th, the trustee presiding over the case recently filed docs stating he had completed all his work and was requesting the federal court judge sign off on closing Braxton’s bankruptcy.

Source: eurweb

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