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Toni Braxton: Bankruptcy Number Two Mo Money Mo Problems

Posted by on October 7, 2010 at 7:51 PM EST

toni braxtonToni Braxton files for bankruptcy, another celebrity who can’t manage money, such a shame.

Toni Braxton has filed for bankruptcy sitting loss of income due to health problems that caused her to cancel a bunch of shows and thus caused her to fall behind and become unable to pay her debts.  Braxton lists her assets as ranging from 1 million to 10 million in value and her debts to be between 10-50 million. She has filed for chapter 7, which means that she feels she does not have the ability to pay her debts off and is asking that many of them be removed. The filing will most likely mean that she will have to sell off some of her possessions in order to pay some of the debt off. Included in her debts are owed income taxes as well as properties in Atlanta.

In 2008 Toni Braxton was diagnosed with micro vascular angina which caused her to cancel a series of Las Vegas shows. Later that year she appeared on Dancing With the Stars, but after being voted off the show she was too sick to return for the finale.

Under normal circumstances I would feel sorry for her. Health problems happen and you often can’t predict when they will show up. Here is the problem. This is Toni Braxton’s second bankruptcy. She filed once before in 1998. She claimed back then that she had a bad record contract where she had to pay for everything. Because of this she accumulated a lot of debt and said she would never be out of the red. There are other reports to contrary. Catherine Brock wrote that Toni Braxton had spent more than 2.5 million dollars just on hair, clothes and make up for appearances.

After the 1998 bankruptcy was over Braxton gave an interview with Ebony magazine in which she told them that she now handles all of her finances and that she will be reeling in her spending and personally overseeing her business dealings. Apparently that didn’t help. The lost money from the missed Las Vegas shows aside she has still accumulated as much as 50 million dollars in debt in just 12 years. Sure, some of that are probably medical bills and apparently nearly $400,000 of it is back taxes, but that leaves a lot of other money that was spent/wasted on other things.

With her career not what it once was, Toni Braxton better learn fast how to live on a budget or we will be reserving a court date in 2020 for her third bankruptcy.


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