Chapter 7 bankruptcy allows for debt discharge in New Jersey

Toni Braxton may be a name that is familiar to music fans in New Jersey. The singer gained fame singing ballads in recent decades, even earning an estimated $754,000 recently for performances in another country. Now, she is in the news as her Chapter 7 bankruptcy case comes to a close.

The singer filed for a Chapter 7 bankruptcy in 2010. Since then, she has worked with the Trustee appointed by the court to resolve which of her property she is able to retain and how many of her assets will be used to repay creditors. This is similar to what occurs in every Chapter 7 case in New Jersey.

In the Braxton matter, the payment of income for the concerts and some of the rights to her music were at issue. However, she was able to come to agreement recently with the Trustee. The agreement states that Braxton will pay some $150,000, but may be allowed to buy back the rights to her music at auction.

Like others in our state who find that they are unable to repay the debts that they owe, Braxton sought the protections offered by a Chapter 7 bankruptcy. The good news for all who file is that all included, unsecured debts are discharged when the bankruptcy cases successfully ends. This fact alone can offer relief to those suffering financial stress. In addition, many find that they are able to infuse new energy into their careers as a bankruptcy ends, benefitting not only them but the overall economy as well.

Source: 411mania.com, "Toni Braxton Resolves Chapter 7 Bankruptcy Issues," Jeffrey Harris, July 6, 2013

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