After selling over 40 Million albums, Toni Braxton has filed bankruptcy for a 2nd time. Debt could be upwards of $50 Million. Details below:
Via HP:
Toni Braxton has filed for bankruptcy a second time, citing millions of dollars in debt and financial problems exacerbated by a heart condition that forced her to cancel a series of Las Vegas shows.
The filing will likely result in the six-time Grammy Award winner having to sell some of her assets to pay off debts listed in court records as ranging between $10 million and $50 million.
Her attorney, Debra Grassgreen, said in a statement the filing will allow Braxton to pay off tax debts, sell heavily indebted property in Atlanta and still care for her children.
The singer and her company Liberty Entertainment filed for bankruptcy Sept. 30, court records show. The filing was first reported Thursday by celebrity website TMZ.
"This was a very difficult decision for Ms. Braxton," Grassgreen said. "However, after months of trying to work out an acceptable arrangement with her principal creditors, she determined that the only way to assure that she could meet her tax obligations and provide for her two small children was to commence these bankruptcy cases."
Braxton has assets worth up to $10 million, her filing states.
She previously filed for bankruptcy in 1998.
Grassgreen's statement said Braxton is currently in good health.
Toni Braxton sued Lloyd's of London, which had insured her for the Las Vegas performances in case they had to be canceled. The insurer denied her claim, stating she had a pre-existing condition, and court records show the case was dismissed on Sept. 20.
Braxton's spokeswoman Jennifer Mercer said the case was "settled to the satisfaction of all parties."
Grassgreen said the bankruptcy will not prevent Braxton from future performances.
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