Friday, October 8, 2010

Bankrupt Toni Braxton Owes Up to $50 Million in Unpaid Debts

US Weekly reports:

The singer, 43, has filed for Chapter 7 bankruptcy again, claiming she owes between $10 and $50 million in unpaid debts.

She says she's unable to cover the costs because she is only worth between $1 and $10million.

Braxton previously filed for bankruptcy in 1998. This past March, she was slapped with a $400,000 federal tax lien.

This is very sad. I wonder if she is surrounded by bad managers or she is just in denial about how a women need to be aware of their finances at all times. This is not something we can call a "man's" job. If we do we can get caught out there like Toni Braxton. She totally needs to talk to Suzy Orman.

1 comment:

  1. Well, the first time it was sad, the second time just seems irresponsible. How do you not know if your total debts are between 10-50 million? A 40 million dollar gap is ridiculous. Its fine if she's confused between 10.8-10.9 million, but 40 million?

    Jezebel had links to her actual spending filings, which were totally out of control, so this isn't just "bad investments" but being completely out of touch in terms of the value of money. After the first bankruptcy, she needed to get a quality money manager, but maybe she did and didn't listen? Or, like you suggest, she relied on people without really learning the ins and outs.

    Prediction: she gets a reality show out of this in which she learns to live on a budget and the wacky high-jinks ensue when she's amazed at the possibility of getting an outfit for hundred $100 at Walmart. Also, there will be lots of faux fights with husband over hair appointments, spa's, etc. Meanwhile, he's buying another Bently.