Toni Braxton Files for Bankruptcy Again, Owes Up to $50 Million

Thursday, Oct 7, 2010  |  Updated 4:48 PM CDT
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Riches to Rags: Famous Bankruptcies

Singer and six-time Grammy Award-winner Toni Braxton is broke again.

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Toni Braxton is still trying to un-break her pocketbook.

The six-time Grammy winner has filed for Chapter 7 bankruptcy a second time, claiming that she owes between a whopping $10 million and $50 million to a host of companies and the government, according to reports.

Braxton, who also filed for bankruptcy in 1998, has assets worth up to $10 million, she said in her Sept. 30 filing, TMZ first reported.

But Braxton could not pinpoint how much she or her company  Liberty Entertainment owed a list of creditors that reportedly includes: DMVs in California and Nevada, Tiffany & Co., Orkin Pest Control, the IRS, Wells Fargo Bank and DIRECTV.

Health problems that forced cancellations of shows in Las Vegas also contributed to the “Un-Break My Heart” singer’s souring finances, her lawyer, Debra Grassgreeen, told The Associated Press.

"This was a very difficult decision for Ms. Braxton," Grassgreen told the AP. "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."

Selected Reading: The Associated Press, TMZ, E!

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