Toni Braxton on 20/20 talking bankruptcyLately, Toni Braxton has been in the headlines for her money troubles more than her album sales. The Grammy award winning singer was on the latest episode of  20/20, discussing how her extravagant lifestyle; including her penchant for high end home goods, ultimately led her to file bankruptcy.

During the star’s ‘Unbreak My Heart’ heyday, she earned over $170 million in record sales; yet she claims to have been paid less than $2000 from her record label. Ms. Braxton explains, “”What happens is they will give you an advance of a million on the next record and the next record, so you kind of stay in debt in a sense”. While her first bankruptcy might have been the result of unscrupulous financial handling, shady record label contracts and her own naivete, that still doesn’t account for her recent bankruptcy. Did she learn no financial lessons the first time?

toni braxtonIn 2010, Braxton filed bankruptcy for the second time. The reason she gives for this round of money woes is her health condition; having been diagnosed with microvascular angina, a heart condition during her Las Vegas show. The singer was forced to cancel the remainder of her Vegas shows in order to recover properly. The tour insurer denied her health claim; citing pre-existing conditions as the reason and again she was stuck with huge debt. Hundreds of thousands of Americans have had to declare bankruptcy for similar reasons, but news of the Braxton Family Values star second bankruptcy was not met with a sympathetic ear by the public.

What’s next for the financially embattled star? In addition to being on a budget now, Braxton still stars on the wildly popular reality television series Braxton Family Values. It’s rumored that she and her sisters are in talks to land their own talk show. Her music fans will be happy to know that the dynamic singer has been in the studio recording new music as well. As for a new Toni Braxton album release date, there is no word on when that will happen.

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