Toni Braxton's finances hit the skids yet again. Image by burningkarma.
The six time Grammy winning singer Toni Braxton, 43, has filed for Chapter 7 bankruptcy. She claims that she is worth somewhere between $1 and $10 million, yet she owes about $50 million. In her career she has sold over 40 million albums.
The creditors that she owes include companies like Tiffany & Co., Neiman Marcus, BMW Financial Services, The Four Seasons Hotels and many more. That would probably explain why she looked so good at the Dolphins football game, with her Louis Vuitton heels that retail for $800, all her expensive jewelry and her leopard skin purse.
Earlier this year the IRS filed a lien against her for $396,000 for unpaid taxes between 2007 and 2008.
Back in 2008, she had a medical condition that forced her to cancel her shows. She was hospitalized with micro-vascular angina. At that time she had to cancel her Las Vegas shows, and although they were insured, her insurance company denied her claims. She was also on “Dancing with the Stars”, but missed the finale when she was recovering from the removal of a benign breast tumor.
Her attorney, Debra Grassgreen, said that Braxton’s health is currently good.
Grassgreen also said that for Braxton to get out of this debt she will sell her heavily indebted property in Atlanta.
Her attorney also mentioned that she will continue on with her future performances, her bankruptcy will not prevent those from happening.
