By: John Clark
November 22, 2010
Grammy Award-winning singer Toni Braxton, who filed for Chapter 7 bankruptcy in September of this year, recently petitioned the bankruptcy court to allow her to remain in her Duluth, Georgia home.
Her single-family residence is part of the Sugarloaf Country Club community, which has also housed rapper Bow Wow, Philadelphia Eagles quarterback Michael Vick and several stars of the Bravo show "Real Housewives of Atlanta," the Wall Street Journal reports.
"It is debtor’s hope to renegotiate a modified loan to remain in the property," Braxton said in recently filed court papers. According to the news source, Wells Fargo bank owns a $1.6 million claim in the property, while it is only valued at $1.2 million.
On her bankruptcy filing, Braxton listed the Georgia home as her only real-property asset. Several other homes owned by the singer, including one in Nevada and another in California, were reported to be subject to foreclosure proceedings earlier in the year, the news provider reports.