Toni Braxton Files for Bankruptcy, Again

by Clutch

Toni Braxton sold over 40 million albums, but it seems that, somehow, this longtime R&B starlet can’t keep her finances together.

Reports confirm that the singer, who turns 43 today, filed for Chapter 7 bankruptcy in California. According to the court documents, Braxton claims she’s only worth between $1 and $10 million, but that she is responsible for up to $50 million in debt.

This isn’t the first time Braxton has run into financial problems. The singer filed for bankruptcy in 1998, and once more earlier this year when the IRS filed a lien against the artist for an amount of $396,000.

TMZ got a hold of the documents, and the papers show a list of creditors to whom Braxton thinks she might owe major bucks. Among the companies to which Braxton owes are basic utilities like AT&T, DirecTV, ADT Security, Nevada Power Company, Mesa Air Conditioning. Braxton also owes money to a slew of upscale companies like Tiffany’s, The Four Seasons, BMW, and even the Screen Actor’s Guild among others.

This is pretty embarrassing, especially for the news to break on her birthday. The “Hands Tied” songstress also says she might owe more cash to the City of L.A. Parking Violations Bureau and the DMV in California and Nevada.

What’s really with stars and keeping their money right? Sound off!

  • http://www.thedallasdiva.com/?cat=10 TheDallasDiva

    Every celebrity and professional athlete should be required to take money management classes from the get. If you spend more than you make, people, you’re headed down a slippery slope!

  • Monie

    The problem isn’t lack of advice. The problem is they don’t listen to the advice. These people have huge egos and people who kiss their asses 24/7. They don’t live in the real world and think rules don’t apply to them.

    Her album sales don’t equate to money either. If she doesn’t own publishing (which I doubt she does given her lack of business sense) or tour she’s not seeing any money off of albums.

  • sunshyne84

    smdh

  • http://www.inconsequentiallogic.com Roschelle

    *yawn…

  • http://brklynbabylon.wordpress.com MW

    AT&T? Really?
    I don’t need a money management class to know I should pay @ least basic utilities!!!

  • Alexandra

    What a shame. This happening for a second time means she has money management problems.
    I dont know why she would let that happen to her again.

  • http://zahrabrown.com Zahra Brown

    I do not look down on bankrupts – we all make mistakes in life – but to do it twice in a few years is ridiculous. She had the money to hire the world’s best accountants and financial advisors, so how on earth did she get into this situation TWICE? Also, it very selfish to keep racking up more debt when you already owe others millions. She could have focused on paying them back instead of sticking her head in the sand.

    It hurts to see people waste money like this when others manage just fine on a little as £10,000/$20,000 a year.

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