R&B heavyweight Toni Braxton announced that she is filing once again for bankruptcy. The news, which surfaced today, comes on the singer’s 43rd birthday.
Full story after the jump…
Via TMZ:
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 BankBraxton 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.
One can only hope the legendary star manages to find her financial footing once more.
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wtf?
these people shold understand that there are a hell of a lot of people out there that would be way mroe responsible if they had made that kind of money. smh
thats just sad , dont try to live beyond your needs .
ooh NO!! oh dear.. this isnt good at all. why do all these artists keep having bankcruptcy issues lol.. i hope she get it together ASAP. this mis managemebt of finances isnt a good look. one wud think dat with all the glitiness in our faces, all is well but its the opposite.. hmmm.. doesnt she have a gud team behind her dat managing her finances??
poor Ol ‘ Toni
once is bad, but somewhat understandable.
TWICE?
come on now.
I always say, “You can’t buy an Escalade with Honda Civic money”. Like @Migi said, live within your needs. I really hope Toni sees her way through this. Love her 🙂
this breaks my heat so much!!!! shes sold 40million records but is only worth 10milllion? damn even forbes said jordin sparks now worth around 10million …my heart is hurting ..buy her albums dammit people and help her out!
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PEOPLE DONT SUPPORT HER MUSIC ANYMORE FOR SOME REASON.. I GUESS THEY RATHER HEAR SOULJA BOY SINGING ON THE RADIO INSTEAD
I never knew that! Wow, I hope she pulls it together! 🙁
what a loser….
poor toni
hope everything gets ok asap
@ROSARUBBEL
I f***** love ur Aaliyah avatars <3
I feel bad for her, she had it tough the past couple of years-son with autism, heart condition, financial problems before. I bought her album, I still think Toni is very talented, even though the times of music have moved on.
@kevin that is so true…or even half that…smh
WELL DAMN!
Please support and buy her album o help od Bless, I will do> She is a great singer
i dont feel bad…. Oprah told her ass what to do & she still fukd up…. if Fanny dont listen 2 Oprah, she will end up the same way 2!
follow me: http://www.twitter.com/edisondreams
She needs to get her s*** together and learn how to manage her money. Can someone hire her an accountant or something? Damn.
Go on tour to promote “Pulse” and get some money!
@edison
What did oprah tell her?
If She didn’t listen to her,She just got What she deserves…
Oh nooooooo!!
BTW @edison… what did Oprah told her to do can you give some details????
Typical Diva. All she wants to do is look good, and look good while she’s looking good!
No sense of responsiblity.
I still like her though… Just can’t let her handle the finances. (lmao)
Do you guys read? it said she is worth from $1 to $10 mil and owe up to $50mil. She just had her Las Vegas homed foreclosed a few motns ago right before she sold her los angeles home.
I don’t know what Toni’s doing but clearly she is broke. I doubt that she is valued more than $2mil if that. Her credit will be cut off until she gets this cleaned up. glad to see her doing overseas one off concerts.
I don’t for the life of me see how she ran up so much more debt after the first bankruptcy and she got a fresh start. She had the 2yr las vegas run, dancing with the stars etc I doubt she made $ from pulse. Anyhoo, wishing her the beste and yes I do feel sorry for her as she has 2 small children….and today is her birthday of all days.
Bad timing!
Aww poor Toni, it’s easily done though. If you don’t write your own songs then you are reliant on the label to pay for everything via invoices, usually much later than the date you purchased or used whatever service you’re being charged for. For that reason it is very difficult to pay in cash as you go as you don’t have cash until after your project has finished it’s success run. In fact it is almost set up for bankruptcy as you are buying things with no guarantee you’ll eventually have the money to pay for them. Obviously, eventually whatever money you’ve accrued comes to you irrespective of your bill but by that point your royalties might be massively less than the amount you’ve accrued in bills…, result? Bankruptcy…, and an artist ‘looking rich’ but actually being far from it.
The sad thing is that we only know what we READ and SEE. Similar to the NFL players. I went to a meeting recently and a lot of them go bankrupt because once they are injured in the game, it’s a wrap. Their career is over in addition to they are never told how long their life in the game will be, they don’t know going in they may only play 3 or 4 years. Toni has probably had a lot of medical expenses in addition to her other cost of living expenses. Hopefully she gets it together and soon. The first time, I believe it was her management as she was a new artist she was not managing her money when she filed the first time around. We should all be in the no judgement zone celeb or not. You never know if you will be in a similar situation or that of a family member or friend. We are in a recession everyone is feeling it.
Wow
ok so let me drop so knowledge on you guys… First it never ceases to amaze me how mean and spiteful people can be. Its almost as if people love to revel in the wake of someones misfortune with no intentions of learning the whole truth about a situation. So therefore you ignorantly end up speaking recklessly spreading false truths. One of the only educated answers on here came from Teflon Boy.
As we all know Toni Braxton Lives in the state of california.. the Laws a very different here then they are elsewhere. Around the time that “Pulse” was dropping Toni made a string of appearances one being on the wendy williams show. in fact that was her second time there within a few months. However while she was there she began to talk about her financial issues then. When you do a concert, tour, or and string of shows where an official promoter is used, the artist is required to take out insurance on the show just in case they have to pull out last min, the show will still be paid for so that if refunds need to be made they can be and the staff is still paid…. Well when she had to pull out of the Flamingo gig due to her heart condition , per her contract she was obligated to pay for the remainder of her shows which were a little over two months if im correct. This would be where her performance insurance would kick in, and pay the bill. However her insurance decided not to pay citing that toni had a pre existing condition and that they would not have covered her if they knew. At the time of taping, they were stiill going back and forth. And it looks as if she has lost the battle.. In california and nevada, if you owe somone money, the can come after your personal assets such as your house (causing them to foreclose), cars, clothes, anything of value, untill they re coupe what it is that you owe, and if im not mistaken she owes the flamingo hotel alone some where south of 30 milliion alone for her remainding shows… They are charging her for everything So I wouldnt be surprised if its near 45 million.. but 30 is what I read. So in order to stop all proceeding’s, a person can only do a few things, pay them, or file bankruptcy. And she did the later… However unlike most states, california is an all or nothing state, you must file on alll of your creditors regardless of what your balance is or if you even owe them anything, they must be included. SO toni could very well be worth 10 million still.. but in the eyes of the law, she is Bankrupt. bankruptcy is an interesting thing and can be used to erase many a problem..Just because you file doesnt mean that your broke.. I urge you all to read and educate your selves, because it’s not always what it seems. Espicially when you are dealing with money.
@ Aryo
Thank you! It took me ages to find this picture.
Dear ALEXJ:
Thank you for the advice to “educate [ourselves].”
By the way, it’s “latter,” not “later;” “especially,” not “espicially;” “remaining,” not “remainding” and…
You get the picture. Thanks again.
This is Toni’s sceond time filling bankrupcty. I know what wrong she is worshiping the wrong god. Lutifer is not the answer. She is another one with that all seeing eye. Now I notice in a recent picture that front weave one eye covering is gone.
She must be worshiping the RIGHT god. That woman has once again kept millions of dollars that she owed someone else. This sounds like the world’s greatest scam artist part 2. And the fact that she did it on her birthday is so telling. She has a LOT of nerve!
People throw shade at Beyonce for being greedy with songwriting credits, but as you can see here, Toni would have done well under Mathew Knowles’ management. Artists make almost nothing in the music industry based off record sales. Publishing royalties, endorsements, personal appearances, and touring are what rake in the cash, IF you’re a hot ticket. Sucks that this happened to a 6 time Grammy winner whose sold millions of records for LaFace, but it looks as though she’s the victim of both bad personal fund management, as well as ill health. I hope she pulls through.
I’m sorry, but why are some of you people suggesting that we go out and buy her albums to support her? In case you forgot, THIS IS A GROWN ASS WOMAN! She should be responsible enough to take care of herself and the things she bought without having money! You don’t need an accountant to tell you that you don’t have enough money to buy all that expensive s***. Yes, an accountant may be helpful in a lot of ways, but to go bankrupt TWICE is inexcusable.
She is reportedly worth $1 million to $10 million but most of you people probably make no more than $50,000 a year. I mean come on you want to support someone that’s worth at LEAST 10 times more than you?
I mean just look at some of the stuff she ‘thinks’ she owes. BMW? Neiman Marcus? The Four Seasons? and Tiffany & Co.? I mean REALLY?
@ JT.. I guess there is always a b**** in the bunch… HaHA… Ill hit spell check next time.. haha..
*with Trey Songz’s voice” O Toni Toni Toni Toni Toni Toni Toni Toni Toni Toni Toni Toni…
@ALEXJ: Thanks for your insight. I certainly understand how money is not always as it seems. I can only hope that things work out for Toni. She is hugely talented and should be able to work small venues on her hits. Perhaps another urban contemporary artist (like Kem)will pick her to co-headline or share a bill….
I see toni holding up her devil horns..SMH
@ROBIER
thanks for the explanation. :]
I jus can’t believe that foolishness….Toni! Damn!
Toni is actually being smart here, by filing for bankruptcy she’s actually saving some of her assets. She is not broke believe that. People think that bankruptcy means that your broke not really. Her album Pulse’ is really good tho. A really good solid r&b effort.
This story leaves me torn. On the one hand I sympathize because she has so much to deal with (child’s autism, heart condition, failure of her latest album PULSE), but on the other hand I find myself that she is getting what she deserves. Why live an obscenely lavish lifestyle when you can’t afford to? GREEDY GREEDY GREEDY. Sigh
Not controlling her spending.
She such a nice Woman as well but guess she likes the good stuff and temptation just makes her buy what she can’t finance.
Re-focus Toni and spend wisely.
This is real bad
🙁
Depressing. I hope she gets serious managing her accounts now after filing another bankruptcy. Luxurious lifestyle isn’t an option either for she needs to strive hard for her two kids. Pray for her to never lose hope.
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So, does the bulk of her debts have to do with medical conditions and her insurance company not covering her tour when she pulled out of the Flamingo gig?