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Toni Braxton is back to bankruptcy -- could owe $50 million

Toni-braxton-bankrupt

Toni Braxton
wants to unbreak her bank account -- as the singer has filed yet again for Chapter 7 bankruptcy in California, a new report says.

The singer, who previously went broke in 1998, estimates she could have up to $50 million in floating debt, says TMZ. Outstanding creditors include DMVs in two states, luxury companies like the Four Seasons Hotels and Tiffany & Co., as well as utilities like the Nevada Power Co.

Papers filed suggest the hit-maker, with more than 40 million albums sold, is worth between $1 million and $10 million. Earlier in 2010, the IRS filed a $396,000 lien against her.

Drama! What do you think of Braxton's bank situation? Tell us in the comments section below.

-- Matt Donnelly
Twitter.com/MattDonnelly

Photo: Toni Braxton's last professional foray was a show residence at the Flamingo in Las Vegas. Credit: Ints Kalnins / Reuters

Get more headlines on Celeb Money Matters from the Ministry.

 
Comments () | Archives (12)

WHO CARES!!!!!

She lives across the street from me in sugarloaf country club in a nice 4.5 million dollar home ,she is very sweet and has wonderful children that play with mine!

Shes is very sweet. We are neighbors in Atlanta and she has wonderful children.Her house is not too shabby,4.5 million!!So shes OK

""She lives across the street from me in sugarloaf country club in a nice 4.5 million dollar home ,she is very sweet and has wonderful children that play with mine!""

Wow, your children play with her's. Now what does that have to do with anything???. Or is this something you tell all the people? Or is this the pinnacle of your life? From here forward it's all downhill.

Oh, I know, since her children play with her's, that must mean she is not broke?

Sounds like the lady needs to review her spending habits.

It's sad to see entertainers and athletes go broke, because their big-earning years are so brief. You see this a lot though- if you make 2 million a year and spend 5, it adds up quick. Yet her income from recording and performing will decline over time.

what could Braxton have spend to much money on?

It's sad to hear that she's going through this again. At least us 'regular people' aren't the only one's going through this tough recession. I used to live in Vegas when she was performing at the Flamingo (which was a great show by the way) and not knowing behind stage she had a lot going on. Hang in there Toni, it's gonna get rough. And please folks, don't put her down just because of who she is, believe me, it can happen to ANYONE!! Peace.

Toni needs to live within her means

this is an easy problem with an easy solution...........just pay off the IRS debt, everyone else can just suck it up. Everyone else such as "creditors include DMVs in two states, luxury companies like the Four Seasons Hotels and Tiffany & Co., as well as utilities like the Nevada Power Co." they ll take whatever material things they can but she'll still be far from "broke".

May have to foreclose the house if it's THAT serious.

The media isnt reporting that there is more than meets the eye here. she had a heart condition that forced her to back out of her contract with the FLAMINGO hotel and she had to pay them BIG to keep from getting sued. and that is what caused her financial problems. not excessive spending so media needs to be fair and report the full story!


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