Toni Braxton Files for Bankruptcy

Toni Braxton recently filed for bankruptcy again, under Chapter 7 of the U.S. Bankruptcy Code. This marks the second time the 43 year-old singer has filed for bankruptcy. The first time was back in 1998. For her current Chapter 7 filing, the singer’s assets are listed between $1-10 million and her debt between $10-50 million.

Chapter 7 bankruptcy involves the liquidation of non-exempt assets to pay off creditors. This means that Ms. Braxton and other debtors who choose this form of bankruptcy may face the surrender of particular assets or property to the bankruptcy court, where they will be sold to pay off creditors. According to your state’s particular bankruptcy exemptions, however, some property will be protected from liquidation.

If you are overwhelmed with debt and are considering your options in seeking debt relief through bankruptcy, it is important to review your options. At Saffa Law Group, we help debtors throughout the Knoxville area who are overwhelmed with debt and feel they have nowhere to turn. We offer a free, confidential consultation to talk to you about what you are going through and how we can help. If bankruptcy is the right choice for you, we can protect your rights through this process to help ensure you can experience the fresh financial start you are looking for.

Contact a Knoxville Bankruptcy Lawyer at our law firm today to discuss your case.