The case has been going on since October 2010, and the trustee presiding over the case recently filed docs on September 11th stating he has done all his work and is requesting the federal court judge sign off on closing Braxton’s bankruptcy.
During the proceedings, Braxton had to deal with accusations of fraud over money she was paid for performances overseas — eventually that was settled with the singer paying back $100K to the trustee. She also had to deal with losing the rights to song royalties with a number of her hits being sold off to the highest bidder. The trustee also sold off personal property of Braxton’s to collect money to pay off debt, including her 1995 Porsche, personal jewelry, music royalty income, paintings, a piano and various other items.
The trustee notes in court docs that due to the hefty tax debt, the majority of the singers creditors won’t be paid a cent with most of the money going to the IRS to settle the debt with them.
The judge will most likely sign off on the case closing in the next couple weeks.