14 DAY TRIAL // Toni Braxton is one of the best-selling artists in the music industry, but she’s again in financial trouble twice in 12 years, having filed again for bankruptcy and saying she may be over $50 million in debt.
The diva has just filed bankruptcy papers, saying her worth is now somewhere between $1 million to $10 million, but that’s not her biggest problem.
According to the documents obtained by celebrity website TMZ, Toni has debts in various places which could easily amount and perhaps even top $50 million, she says.
“Braxton – who sold more than 40 million albums in her career – just filed for Chapter 7 bankruptcy in California and in the docs, the singer claims she’s only worth somewhere between $1 mil and $10 mil... but she could have up to $50 mil in debts,” TMZ reports.
The documents also include a list of creditors to whom the singer believes she owes money, including Tiffany & Co., Neiman Marcus, AT&T, The Four Seasons Hotel, the IRS, and Cedars-Sinai Medical Center.
Braxton also thinks she has various medical bills that have not been paid, while BMW Financial Services, American Express and Screen Actors Guild are also owed money.
“Braxton also claims she may owe money to the City of L.A. Parking Violations Bureau – and the DMV in both California and Nevada,” TMZ further says.
As noted above, this is the second time that the singer files for bankruptcy.
“Braxton has a history of financial problems – she filed for bankruptcy back in 1998... and earlier this year, the IRS filed a lien against her for $396k,” the same media outlet says.
Toni Braxton released a new album in May this year. Called “Pulse,” it was preceded by the release of the singer “Hands Tied,” which came with a video showing Toni in a new perspective, that of a tease.