Toni Braxton Bankruptcy 2014: Singer Settles Case Four Years After Filing [VIDEO]
Braxton Family Values star and Grammy award winning singer Toni Braxton is just about cleared from her second bankruptcy.
The trustee handling the case filed papers with the federal court on Thursday asked the judge to close out the case.
They also stated that it would be difficult for the Unbreak My Heart singer to pay off any of her creditors because most of her money is going to pay her debt she has piled up with the IRS.
Braxton has not had the smoothest road with the trustee. Throughout the process she was accused of fraud for not reporting payments she received for various concerts she performed in overseas. But she settled the difference and paid the trustee $100,000. Still, the judge is expected to approve the closing of the case within the next couple of weeks, The Jasmine Brand reported.
But on top of that, the mother of two also lost many of the royalties to her songs to whoever was willing to pay the most. She also signed off on selling her 1995 Porsche, jewelry paintings, her piano and other personal objects.
It sparked back in October 2010 when it was revealed that Braxton owed $10 to $50 million to creditors. Her issue was that she only had assets between $1 million and $10 million. She did say that her struggle with debt was due in large part to her health. She was forced to cancel her concert series in Las Vegas, which brought in much of her income.
Braxton currently stars in WeTV's hit series Braxton Family Values documenting her and her younger sisters' lives. It airs Thursdays at 9/8c.