Toni Braxton -- Bankrupt Again, May Owe $50 Mil

[keepinitreal]

October 7, 2010

Toni Braxton has filed for bankruptcy again -- claiming she owes somewhere between $10 million and $50 million in unpaid debts all over the country ... including DMVs in TWO different states.

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.

In the docs, 43-year-old Braxton lists a ton of creditors to whom she thinks she may owe money... including:

-- AT&T
-- The Four Seasons Hotels
-- Cedars-Sinai Medical Center
-- Various medical bills
-- DirecTV
-- Neiman Marcus
-- The William Morris Agency
-- Tiffany & Co.
-- Orkin Pest Control
-- The Internal Revenue Service
-- BMW Financial Services
-- ADT Security
-- American Express
-- Flamingo Las Vegas
-- Mesa Air Conditioning
-- Nevada Power Company
-- Screen Actors Guild
-- The Westin
-- Wells Fargo Bank

Braxton also claims she may owe money to the City of L.A. Parking Violations Bureau -- and the DMV in both California and Nevada.

Braxton has a storied history of financial problems -- she filed for bankruptcy back in 1998 ... and earlier this year, the IRS filed a lien against her for $396k.

http://www.tmz.com/2010/10/07/toni-braxton-bankruptcy-court-debt-50-million-debt/

[freedomnow7]

I wonder who is advising her on financial affairs?

[banca rotta]

I wonder who is advising her on financial affairs?

The United States Government.

[Flamingo]

I understand the filing results from a major medical condition she has with her heart causing her not to be able to perform, cancelled engagements, etc.. Just as the rest of us that lose jobs out there in the working man's world or have serious medical issues preventing one from working, celebrities fall in the same boat and have bills to pay also way over what we could ever imagine as to their lifestyle, managers, staff, etc.

[tobee43]

I wonder who is advising her on financial affairs?

really????? let's make certain when we get rich we don't hire her financial adviser!!!

[tobee43]

I understand the filing results from a major medical condition she has with her heart causing her not to be able to perform, cancelled engagements, etc.. Just as the rest of us that lose jobs out there in the working man's world or have serious medical issues preventing one from working, celebrities fall in the same boat and have bills to pay also way over what we could ever imagine as to their lifestyle, managers, staff, etc.

i understand that very well, as our bk was due to illness and not money mismanagement. however, whomever was advising her apparently did not allow or take care of her medical insurance and or needs...that's downright scary to me.

her staff, manager etc. should have had some foresight ....and been prepared...i know we were...but ran out of insurance for the year...otherwise we would have been fine.

i'm just saying it's too bad that she most likely put her trust in the wrong people to handle her affairs.

[banca rotta]

I understand the filing results from a major medical condition she has with her heart causing her not to be able to perform, cancelled engagements, etc.. Just as the rest of us that lose jobs out there in the working man's world or have serious medical issues preventing one from working, celebrities fall in the same boat and have bills to pay also way over what we could ever imagine as to their lifestyle, managers, staff, etc.

Naaa I don't buy it. I do feel for her and others with serious medical conditions.

It's just that when most of us work for the man, or struggle with a small business or are out of work any one thing that goes wrong in life can wipe someone out.

I'm sure the 17 plus percent of real unemployed hearing this won't shed a tear for her either.

If she is worth between 1 and 10 million I see no reason for her to be 50 million in debt.

Another reason (I have mentioned before with Nicholas Cage) why these celebrities are wrong for being in these situations are they lose leverage when negotiating any contracts whether it be a book or movie, music, etc.

Once the world knows they are bankrupt they will offer them peanuts take it or leave it.

[Goteki45]

I can relate with Toni

If I was any better with money, I wouldn't be filing for Bankruptcy in a few months that's for sure. Bankruptcies are up, Foreclosures are up, people are upside down in their homes that are weighing them down like a lead weight. People are over extended on their credit cards and home equity lines. The rich are having problems just like the commoners. I wish her well.

[banca rotta]

If I was any better with money, I wouldn't be filing for Bankruptcy in a few months that's for sure. Bankruptcies are up, Foreclosures are up, people are upside down in their homes that are weighing them down like a lead weight. People are over extended on their credit cards and home equity lines. The rich are having problems just like the commoners. I wish her well.

Just my opinion I don't really consider her and many like her "rich". They are just working folks like some of us who choose lots of debt and stuff instead of freedom and retirement and happiness.

The real rich are free people. The ones having problems are not free as we are all finding out.

I do wish her good health though.

[gamama]

did she pass the means test ???

[Freefinder]

her lawyer is from arizona...

[scorpion35]

shes filling but gets to keep her $600/pair shoes and other expensive items.scam

[nichole04]

Besides having health problems she also has a son with autism which can be quiet expensive when trying to give him the best medical, educational, and theraputic care possible. One can easily rack up thousands of dollars trying to help their autistic child.