Toni Braxton Files for Bankruptcy Again
In her Chapter 7 bankruptcy petition, filed in Los Angeles on Sept. 30, Braxton reported assets in the range of $1 million to $10 million and debts in the range of $10 million to $50 million. Under Chapter 7, an independent official will be appointed to round up Braxton’s assets, sell them off and distribute the proceeds to her creditors.
Braxton has quite a few creditors, court papers show. Among them are the Flamingo Las Vegas hotel and casino, the Four Seasons Hotel in Washington, D.C., Neiman Marcus, the Screen Actors Guild, RCA Music Group and various other entertainment-related companies. Tiffany & Co. was also on the list, not surprising for the woman whose 2001 wedding established her as a bridal trendsetter thanks to a cake that looked like a stack of Tiffany’s blue jewelry boxes (she also had all the linens dyed the same shade of robin’s-egg blue). Rounding out the creditor list are the Internal Revenue Service and state and local tax authorities.
The news of Braxton’s financial troubles prompted Bankruptcy Beat to turn our eye to Braxton last fall, when she faced a potential foreclosure of her L.A. home after failing to keep up with her mortgage payments.
Since then, Braxton has reportedly separated from her husband, and her latest album, “Pulse,” was released in May after several delays.