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It seems that this star is under huge Waterfalls of debt. Tionne Watkins, better known as TLC's T-Boz, has filed for bankruptcy for the second time. She and the rest of TLC previously filed for bankruptcy in 1995 during the success of their CrazySexyCool album which sold millions of copies nationwide.
In her new filing, T-Boz is hoping to get rid of around $768,643 in debt to creditors. Most of her debt stems from mortgage payments on her million-dollar home.
The bankruptcy filing details that she has a monthly income of around $11,700 and monthly expenses of $8,821. Despite TLC's many hits, The Hollywood Reporter reports that T-Boz's filing says she only receives $1,200 a month in royalty payments.
T-Boz also claims that ex-husband Mack 10, whom she has an 11-year-old daughter with, owes her $250,000 in child support payments. She has filed for Chapter 13 bankruptcy.
Chapter 13 bankruptcy differs from a Chapter 7 bankruptcy. Under a Chapter 7, individuals generally try to have their debts discharged. This would include possibly liquidating assets and selling them in order to satisfy creditors. With a Chapter 13 filing, individuals don't have their assets taken. Instead, they work to create a repayment plan that demonstrates how they will use their income to pay back debts within a set period of time.
Chapter 13 filings are usually used for those who have a regular income. It's especially beneficial as it can help prevent foreclosures and allow individuals to keep their homes.
Since T-Boz still has a regular monthly income including funds coming from royalty fees from her previous hits, she could probably qualify under the bankruptcy code.
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.
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