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  1. #1
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    Default Toni Braxton files for bankruptcy in the US

    Rachael Singh, Accountancy Age, Friday 8 October 2010 at 15:05:00

    Singer Toni Braxton has filed for bankruptcy in the US courts with debts of between $10m (6.3m) and $50m


    Grammy winning singer-songwriter Toni Braxton has filed for bankruptcy in the US courts for the second time, having previously filed in 1998.

    The 43 year old singer with hits such as Un-Break My Heart, has revealed she is in millions of dollars worth of debt, the BBC reports.

    Court documents show the singer owes between $10m (6.3m) and $50m.

    "After months of trying to work out an acceptable arrangement with her principal creditors, she determined that the only way to assure that she could meet her tax obligations and provide for her two small children was to commence these bankruptcy cases," said Braxton's lawyer Debra Grassgreen.

    In 2008 Braxton pulled out of a series of Las Vegas shows due to chest pains. She is hoping to sell her assets to pay off her tax debts.

    Further reading:

    Football star Colin Hendry declared bankrupt

    Personal insolvency stats take first drop since 2008

  2. #2
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    Default

    How do you get into $10m debt as one person.....how? when i convert that amount of money to my local amount it comes upto about ksh 800M. . . Does someone get into such debt because of being in denial and living a life that she cannot afford ? it makes you wonder. . .

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