Towanda Braxton may have made some strides when it comes to expanding her money management knowledge, but there are still bills to be paid stemming from her bankruptcy. As such, it’s possible that she may have to hand over the income from her reality show to help clear her debts.
While the “Braxton Family Values” star did not list any residuals from the reality show on her filing, documents obtained by The Blast reveal a trustee is looking into whether or not she gets them.
The administrator handling the star’s Chapter 7 bankruptcy is reviewing “possible royalties from a reality show” over the six seasons that it’s been on the air.
Now the contract for the We TV series has been added as one of Braxton’s assets. Once he completed his investigation into possible royalties, he’ll present the discoveries to the court.
Braxton previously listed her monthly business income as $4,692 when she filed for bankruptcy in April. Her expenses each month amount to $6,020. In total, she is $450,000 in debt, with assets tallied up to $277,650, versus liabilities amounting to $547,056.39.
The star’s former “Tamar & Vince” star sister Tamar Braxton also gave her a $35,000 personal loan she has yet to repay. Additionally, Towanda owes $417,715 to a mortgage company for her Georgia home, more than $1,000 to collections lawyers and $982 to Comcast.
Perhaps her biggest legal woe within the filing, however, is her lawsuit from her former landlord, Michael Wagoner. The litigation, which is still ongoing, says she owes him $76,000 in unpaid rent and damages to a house she rented from him. Among the alleged damages are knife holes made in the garage doors and bedroom walls along with supposed fire damage caused to the residence.
Towanda had agreed to settle her debt by starting to make payments to Wagoner in September 2018. But the landlord alleges the singer just made a single payment while refusing to pay anymore. Wagoner also claims when he attempted to obtain the money Towanda owed him she went and filed for bankruptcy.
As the trustee looks into her potential reality television royalties, Towanda at least has the knowledge behind her to make better financial choices in her future. The star successfully completed a mandatory personal financial management course online in May.
