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.
