Back in September 2011 we posted about a judge granting singer Toni Braxton a bankruptcy discharge. This came after the award winning singer filed for Chapter 7 bankruptcy in 2010. This was the second time the singer had filed for personal bankruptcy. The first time was in 1998.
However, even though one would assume a good deal of her debt was discharged with the bankruptcy, it recently made headlines when her mansion was put on the market. This is the second home the 45-year-old singer has to foreclosure. The mansion is currently listed at $1.1 million.
When looking at what happened, Braxton has reportedly been struggling with finances since 2004 when she took out a $1.5 million loan. Before filing for bankruptcy in 2010, she reportedly missed 10 payments over a six year period on that loan. This put her in a position of needing to file for bankruptcy.
While many Florida residents may not be able to relate to the day-to-day life of Braxton, or the fact that she is losing a mansion, there are many in the area who know what it's like to be behind on a mortgage and not know what to do. For some, foreclosure may in fact be the best choice, but for others they may want to try and save their home.
Filing for bankruptcy is one debt relief solution many have turned to in order to avoid foreclosure. Depending on the type of filing, this can lead to debts being discharged or a more manageable payment plan created. To learn more, please visit our Orlando consumer bankruptcy page.
Source: Examiner.com, "Toni Braxton's foreclosed mansion up for sale," Joann Scheffler, Nov. 12, 2012