Towanda Braxton Dealing With Bankruptcy, ‘Braxton Family Values’ Royalties At Risk
Reality star, Towanda Braxton, of the Braxton family clan filed for Chapter 7 bankruptcy back in June, saying that she wasn’t making enough money to cover her monthly expenses or cover her debts. Now, the former singer may have to give up any royalties she is due from the hit WeTV reality show, Braxton Family Values, which recently wrapped season 6. The news was first reported by The Blast.
In bankruptcy filings Towanda Braxton listed monthly income of $4,692.00. Her monthly expenses were listed at $6020.00. There’s no specific mention however of WeTV royalties in her income, which rang the alarm for the trustee presiding over her bankruptcy. As such an investigation into royalties and potential other income has been opened up.
Towanda’s overall assets were listed at $277,650, far less than her $547,056 in liabilities. She claims to have only $150.00 in her checking account, with no savings account. Her debts include a $35,000 personal loan from her sister Tamar Braxton.
The Towanda Braxton bankruptcy filing is in hopes of having her debt cleared. If she is found to have any royalties coming in, that will complicate things.
Image credit: Earl Gibson III / Stringer – Getty Images North America
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