Toni Braxton's Grammy Awards Up For Bankruptcy

Toni Braxton's money troubles continue as info regarding her latest bankruptcy has been revealed and this time her coveted Grammy Awards may be up for auction as I believe it. You can read more below:

The organization that hands out Grammy awards to musicians is taking the mic to speak up in Toni Braxton’s bankruptcy out of concern that the R&B and pop singer’s six awards could one day be sold.

The National Academy of Recording Arts & Sciences Inc., or NARAS, on Tuesday filed its response to a deal Braxton struck to ensure she gets to keep possession of such prized possessions as the Grammys as well as her Tiffany jewelry and 1995 Porsche 911. But if Braxton doesn’t pay $125,000 to her creditors, the trustee overseeing her bankruptcy liquidation can seize and sell the property covered by the agreement.

According to NARAS, the deal doesn’t adequately make it clear that Braxton’s Grammys can’t be sold without the organization’s consent. The annual awards, which NARAS has been handing out since 1959, are nontransferable. NARAS said it’d be okay with the deal if the wording is tweaked to reflect these terms.

Braxton won her first Grammys in 1993 in the Best New Artist and Best Female R&B Vocal Performance categories. She won Best Female R&B Vocal Performance three more times—for the songs “Breathe Again” in 1994, “You’re Makin’ Me High” in 1996 and “He Wasn’t Man Enough” in 2000. And of course there’s mega-hit “Un-Break My Heart,” which won the Best Female Pop Vocal Performance category in 1996.

The U.S. Bankruptcy Court in Los Angeles will likely address NARAS’s concern at a July 19 hearing, when it’s slated to consider the deal between Braxton and Chapter 7 trustee David A. Gill.

The deal resolves a dispute between the trustee, whose mission is to recover as much possible value for Braxton’s creditors, and Braxton, who wants to hang onto such items as household goods, furniture, clothes, books, jewelry, a life-insurance policy, a piano and a Porsche. She’ll keep the items—which remain subject to a lien by the Internal Revenue Service for unpaid taxes—as long as she pays the trustee $5,000 each month for the next 15 months.

Gill said while he believed he’d win lawsuits to recover the assets for Braxton’s creditors, the cost of pursuing such litigation could result in lower recoveries for creditors than the $125,000 they stand to receive under the deal.

Now I see why Toni wants to "retire" from the business; dealing with shit like this. I would think would be a little smarter from all the years in the industry though. I mean everyone makes bad decisions but she's had way too many money problems over the years. Head up Toni!