Toni Braxton
10.7.2010 Uncategorized

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.