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Two's a charm? Unfortunately the saying is three's a charm, but hopefully a second round in bankruptcy court will be the last for the latest celebrity to fall so deeply in debt that she is forced to file for bankruptcy. Toni Braxton filed for a second bankruptcy in California claiming to owe somewhere between $10-$50 million in multiple states.
TMZ reports that the 43 year-old songstress, who has sold more than 40 million records in her career, just can't seem to handle her finances. Braxton filed for a very public bankruptcy in 1998, and had a lien placed on her property by the IRS earlier this year. Her debts have more range than her vocals --owing money to everyone from Neiman Marcus to the Flamingo Hotel in Las Vegas. Braxton also claims she owes money to both the Nevada and California DMV, as well as several outstanding parking violations in Los Angeles.
The veteran over-spender will undergo a Chapter 7 bankruptcy process, which is essentially a liquidation of her assets to pay her creditors. Lucky for Braxton, there are certain items that cannot be sold to pay off debts, including her extensive and expensive closet. Unfortunately, there just might not be a house to put the clothes in.
Being poor never looked so good. Twice. In every state, there is a waiting period of eight years between when a debtor can file for a second Chapter 7 bankruptcy. Since, her last filing was in 1998, she at least satisfies the first requirement. For Chapter 7 bankruptcy, Braxton must still show that her multi-state debts far exceed her worth, which she placed somewhere between $1-$10 million.
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.