Unfortunately, despite having been through the process once before back in 1998, Toni Braxton has been forced into filing for Chapter 7 bankruptcy. The singer, who released her modestly successful sixth album Pulse earlier this year, claims that she is somewhere from $10 million to $50 million in debt, but is only worth between $1 million & $10 million. In addition to the multiple creditors she listed as owing--including The Four Seasons Hotels and Tiffany & Co.--an IRS lien was filed against her earlier this year in the amount of $396,000. Since the filing, Toni has claimed that it was when she was forced into backing out of her Vegas show that her financial problems started (an issue we've heard her bring up before), as the insurance company she took out a policy with refused to pay up due to her heart troubles being pre-existing. While that may very well be true & is not at all right, I can't help but think that of all people, Toni should recognize a problem like this before it reaches the sum of $50 million. There is no reason she should be staying at the Four Seasons if she cannot afford it, simple as that. Nonetheless, she has had more financial issues that were beyond her control than any person should have to deal with, so I hope everything works out for her.[Source, Source]
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