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Toni Braxton's financial woes continue, mansion up for sale

Singer Toni Braxton continues to have financial woes. Roughly two years ago, this blog reported difficulties the singer was having in her chapter 7 bankruptcy case. At that time, the trustee alleged that the Grammy Award winning singer's bankruptcy proceeding was not proper for chapter 7. Braxton had filed for bankruptcy in 2010, stating that she owed millions of dollars to creditors.

In October of this year, the bankruptcy trustee overseeing the protracted chapter 7 bankruptcy case alleged that the singer had improperly transferred more than $53,000 to her estranged husband.

The trustee is suing the estranged husband in an effort to get the money back, according to TMZ. A representative for the singer says that the transfer was proper, and that the singer will continue to cooperate with the trustee in the bankruptcy proceeding.

The singer originally fell into financial distress after having difficulty making her mortgage payments. News reports indicate that the Grammy Award winner missed at least 10 payments on her $1.5 million home loan between 2004 and 2010. Attempts to save the home in 2010 failed, and she reportedly filed for bankruptcy relief.

Now, Braxton's mansion is reportedly back on the market as she continues to have financial difficulty. The mansion is up for sale for $1.1 million, which is reportedly less than she owes on the note while her bankruptcy case remains pending. The home is the second house that the singer has lost to foreclosure, according to TMZ.

Generally, filing for bankruptcy will put a halt to foreclosure. Whether a debtor is able to keep the home through filing for bankruptcy involves several factors. Few chapter 7 bankruptcy proceedings for consumers are protracted. Most are completed in a relatively short period of time. Ohio residents can speak with a Cincinnati bankruptcy lawyer for advice on how bankruptcy can help provide meaningful debt-relief.

Sources:

  • TMZ, "Bankrupt Toni Braxton," Oct. 29, 2012
  • Examiner, "Toni Braxton's foreclosed mansion up for sale (Video)," Cincinnati pop culture examiner, Joann Scheffler, Nov. 12, 2012

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