Popular singer Toni Braxton has filed for bankruptcy twice in the last several years, but the talented performer is back on the up-and-up thanks to the experience. Michigan fans are familiar with Braxton's body of work, but a series of financial downturns left her in dire straits. Thanks to a timely Chapter 7 filing, she has managed to get back on the road to financial stability.
Braxton's first filing came right after the release of her extremely successful album "The Braxton Family", which sold twenty million copies worldwide but failed to provide a financial turnaround for the singer. Her second filing, on October 29 of last year, came on the heels of a surprise lupus diagnosis that forced her to cancel a string of appearances in Las Vegas. Her insurance company would not cover the cancellations.
Braxton filed for Chapter 7, which gave her the flexibility she needed to embark on a new tour to make up some of her lost earnings. This in turn allowed her to enter into an agreement with creditors to pay off her debt in $5,000 monthly installments. Today Braxton is in studio recording her latest album and is well on the road to financial security again.
It should come as scant surprise to Michigan residents that financial challenges can face even the most outwardly successful people. Toni Braxton's experiences with her Chapter 7 filing can be held up as a success story for those considering bankruptcy as an option. Often, it can help to stabilize a precarious financial situation.
Source: atlantablackstar.com, "Toni Braxton Settles Second Bankruptcy Case," July 6, 2013