Six-time Grammy winning R&B singer Toni Braxton has filed for Chapter 7 bankruptcy for the second time. According to TMZ.com, the 43-year-old Braxton says she is worth between $1 million and $10 million but owes up to $50 million in debt. In legal documents obtained by TMZ, Braxton states she owes money to an army of creditorss, including American Express, Neiman Marcus, William Morris, Tiffany & Co. and a $400,000 lien to the Internal Revenue Service.
Its been a rough road for the singer whose 1993 self-titled debut album met with thunderous success. Braxton first filed for bankruptcy in 1998. She produced five more albums, but those and tours were not enough to make her solvent. (Braxton also did not write or co-write her any of her biggest hits in the 1990s, which means there are no lucrative songwriting royalties.) Add to that her health problems, including microvascular angina, and caring for an autistic child. But none of that explains why she owes up to five or ten times her net worth.
In May 2010, Toni Braxton released Pulse, her sixth studio album. The first single from the album, "Make My Heart", saw heavy rotation on the dance floors, especially on the gay club scene—thanks to the fab tribute in the music video.
Best of luck to Toni, hopefully she can make it work this time.
How does a person end up owing up to 50 million dollars. I got alot of compassion for her but that is incredibly excessive even for hollywood standards. I can barely fathom 1 million dollars let alone 50 million. She was spending money like she was Oprah. WOW.
Posted by: Terrell | 11 October 2010 at 14:02
My mouth dropped when I heard how much money she owes. How the hell did she wrack up so much debt?
Posted by: Fred | 11 October 2010 at 16:42
How in the world?!?!? She seemed bright enough.
Posted by: Honut Sinti | 11 October 2010 at 18:23
If she did not write any of her hit songs, I can clearly understand why she is so far in debt. The real money is in song writing and touring(if you can sell out big venues). That is why Beyonce is listed as song writer on every song she makes even if she does very little writing on the song.
Some of these stars continue to live lavish lives even though they are not making the same money they made in their hay day.When you are shopping at Tiffanie's and staying at the Four Season hotel, but you have not gone platinum in 10 years it will not take long to rack up 50 million in debt.
Posted by: Butchie | 11 October 2010 at 18:24
I read yesterday that she took out show insurance for her Vegas show, but when she had to cancel because of her heart issues, the insurance company said that she failed to disclose a pre-existing condition and voided the policy. I know Sis likes living the high life, but I'm sure this figures into her debt as well.
Posted by: Ealan | 11 October 2010 at 19:43
I felt for her the first time, but this is ridiculous now. $50 Million. If you went bancrupt once, why are you shopping at Tiffany's and staying at the Four Seasons? Motel 6 and TJ Maxx from now on.
Posted by: mjolnir202 | 11 October 2010 at 20:34
Her heart condition was public knowledge for a few years now. How could the insurance company NOT know this before they insured her? She even divulged this bit of news when she was on Dancing With The Stars 2 years ago.
Posted by: Fred | 11 October 2010 at 23:29
I never understood that the Real money is in songwriting.
Posted by: chris w | 12 October 2010 at 09:48