TONI BRAXTON...BANKRUPTCY....

 

 

It seems like Toni Braxton has been in bankruptcy forever, she has finally settled her Chapter 7 blues ... and it cost her $150,000 to wipe the slate clean.

As TMZ first reported, Braxton filed for bankruptcy (for the second time) back in 2010, claiming debts as high as $50,000,000. Yikes.

According to docs filed in the bankruptcy, Braxton made a deal with the trustee to buy back some of the personal property she lost. The deal was for Braxton to pay $5,000/month for 15 months with the last payment being $50,000. Braxton made all the payments ... except for that last one.

The other part of the case hanging over Braxton's head was the issue of $754,000 Braxton made for overseas performances. The shows took place AFTER Braxton filed for bankruptcy, so she argued that she was legally entitled to keep the money earned from these performances.

However, the trustee argued since Braxton was technically paid before the Chapter 7 filing (the money was put in escrow before the shows, she didn't get it til after) she should have to fork it over.

The trustee and Braxton finally came to an agreement this week -- Braxton agreed to pay the $50,000 she owed for the property and $100,000 from the performances.

Lastly ... Braxton and the trustee came to an agreement that she could buy back the copyright on a slew of her songs for a cool $20,000. They go to auction on July 15 and they're hers, assuming she doesn't get outbid.

A judge still needs to sign off on it all ... but it appears this bankruptcy case is finally over.

I KNOW SHE IS HAPPY THAT IT IS OVER...

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Ja Rule is finally a free man ... TMZ has learned, the rapper was released from prison today after serving out his sentences for attempted illegal gun possession and tax evasion.

Mr. Rule -- real name Jeffrey Atkins -- was released from Ray Brook Federal Prison in New York this morning. A source close to the rapper tells TMZ, his wife picked him up around 10AM and drove him straight home, where he'll remain on home confinement until July 28th.

The rapper was hit with the 2-year sentence in 2010 when he pled guilty to attempted criminal possession of a weapon -- stemming from a 2007 incident in which cops found a loaded semi-automatic handgun in his sports car. He turned himself in to authorities in June 2011.

In July 2011, Ja Rule was also sentenced to 28 months behind bars for tax evasion, after failing to pay taxes on more than $3 million in earnings from 2004-2006. Ja Rule served the tax evasion sentence concurrently with his gun possession sentence.

He was originally set for release in July ... but he got out early.

 

NAS STATES ITS THE PROMOTERS OWN FAULT...

Nas is asking a judge to throw out a concert promoter's $10 million lawsuit -- saying the man has only himself to blame for being kidnapped in Angola and held nearly two months ... and besides, they settled this already.

TMZ broke the story ... Patrick Allocco alleged the rapper took $300k for a New Year's Eve concert in the African nation ... then no-showed. Allocco says Angolan promoters held him for ransom for 50 days beginning in December 2011 ... beating and threatening him at gunpoint until they got their money back.

Nas filed court docs Monday saying they settled the matter during the promoter's captivity, which included an agreement that if Nas repaid the advance -- which the rapper eventually did -- Allocco wouldn't sue.

What's more, Nas says Allocco knew what he was getting into ... he flew to Angola to be "human security" for the concert deal before the rapper even signed on.

As for why he no-showed in the first place ... Nas says the promoter breached their original contract by failing to provide enough security, fumbling their plane tickets and paying the $300K advance late.

Nas is asking the court for an outright dismissal.            


Well do we agree with Nas, the man is probably broke and some one whispered in his ear that if he sues he probably can get a lot more then what Nas gave originally. $10 million is a lot of money.