Rap-Up.com || Toni Braxton Files for Bankruptcy Again

It’s just another sad love song for Toni Braxton. The R&B diva has filed for bankruptcy for a second time.

According to TMZ, the Grammy-winning songstress has declared Chapter 7 bankruptcy in California, claiming that she owes between $10 million and $50 million in unpaid debts. In the documents, Braxton states that she’s worth between $1 million and $10 million, but her debts may total up to $50 million.

Among the creditors she owes money to are AT&T, Four Seasons Hotels and Resorts, Cedars-Sinai Medical Center, DirecTV, Neiman Marcus, William Morris Agency, Tiffany & Co., Orkin Pest Control, Internal Revenue Service, and BMW Financial Services.

Braxton also reportedly owes money to the City of L.A. Parking Violations Bureau and the DMV in California and Nevada, where she headlined a Las Vegas show for nearly two years.

This is not the mother of two’s first time filing for bankruptcy. Her financial problems were aired out in 1998, and earlier this year, the IRS filed a lien against her for $396,000.

Braxton pulled out of her Vegas show in April 2008 due to heart problems and later appeared on “Dancing with the Stars.” She released her sixth studio album Pulse on Atlantic Records earlier this year.

UPDATE: A relative of Braxton’s tells TMZ that her Vegas show contributed to her financial woes. She took out show insurance through Lloyd’s of London for her act at the Flamingo Las Vegas Hotel & Casino, but after having health issues, she was forced to cancel before the contract expired, putting her in debt to the hotel. She expected Lloyd’s to cover the loss, but when they didn’t, she had to eat the costs.

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12 Comments

rick
October 7th, 2010 at 5:45 am
Poor Toni!

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Travis
October 7th, 2010 at 6:19 am
It’s sad this is the second time she had to do this if this is real. I don’t know any other artists other than her and MC Hammer who faced bankruptcy issues. That shows to be careful how you spend money.

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CiaraMedlies
October 7th, 2010 at 6:46 am
chile….

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Brown Sugar
October 7th, 2010 at 7:26 am
I feel soooo bad for her because she is a LEGEND!

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ponyo
October 7th, 2010 at 7:49 am
i do feel bad for her…i hope all turns out well…surpport the album y’all its fire

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bass_man
October 7th, 2010 at 7:56 am
not the orkin man laawwdd

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Jay S.
October 7th, 2010 at 10:24 am
DAMN TONI. SHIT IS CRAZY. HOPE SHE CAN RECOVER FROM HER DEBTS.

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Trey
October 7th, 2010 at 10:25 am
Damn, Toni….I wish her the best of luck.

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Kyle
October 7th, 2010 at 10:46 am
That’s too bad for her but what the hell is she spending her money on? That’s the problem with celebs; they think that since they’re famous they can buy whatever they want even if they don’t have the $.

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Jose
October 7th, 2010 at 10:55 am
She needs to work with the right people and make some good music. Clearly its time to re invent yourself! Come out with something and make that money! Dont make an album that i literally just herd about yesterday and think that people are going to buy it just because you are Toni. Its a matter of promoting and getting out and working with who is hot. IT NOT THAT HARD PPL!!!

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Jarvis
October 7th, 2010 at 12:14 pm
Poor toni…she is forever in debt…hope things turn around for her.

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chad
October 9th, 2010 at 9:58 am
Secrets Pt. 2

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