Braxton filed for bankruptcy last fall, reporting $1.6 million in assets and $18.3 million in debts. Court papers indicate that she owed $14 million to her former record label Arista, and another $2 million to her current label Atlantic. Additionally, she reported owing roughly $39,000 in property taxes, and another $734,000 to the Internal Revenue Service.

In terms of unsecured debts, Braxton reported owing around $26,000 to Chase, $53,000 in credit card purchases to City National Bank, and another $21,800 to Neiman Marcus and Tiffany & Co.

The court order in Braxton's favor didn't indicate which debts she was relieved of, but sources said that most types of debts which existed as of the date of the bankruptcy filing. Bankruptcy law also indicates that various types of debts are ineligible for discharge, including taxes, student loans, most fines, penalties, criminal restitution, forfeitures and child or spousal support.

Braxton is currently set to pay her bankruptcy estate $5,000 per month over the next 15 months.

Source: The Wall Street Journal, "Toni Braxton Scores Bankruptcy Victory," Jacqueline Palank, August 30, 2011.

Braxton filed for bankruptcy last fall, reporting $1.6 million in assets and $18.3 million in debts. Court papers indicate that she owed $14 million to her former record label Arista, and another $2 million to her current label Atlantic. Additionally, she reported owing roughly $39,000 in property taxes, and another $734,000 to the Internal Revenue Service.

In terms of unsecured debts, Braxton reported owing around $26,000 to Chase, $53,000 in credit card purchases to City National Bank, and another $21,800 to Neiman Marcus and Tiffany & Co.

The court order in Braxton's favor didn't indicate which debts she was relieved of, but sources said that most types of debts which existed as of the date of the bankruptcy filing. Bankruptcy law also indicates that various types of debts are ineligible for discharge, including taxes, student loans, most fines, penalties, criminal restitution, forfeitures and child or spousal support.

Braxton is currently set to pay her bankruptcy estate $5,000 per month over the next 15 months.

Source: The Wall Street Journal, "Toni Braxton Scores Bankruptcy Victory," Jacqueline Palank, August 30, 2011.