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Toni Braxton owed Atlantic Records $16 million, but her former record label won’t be getting a cent out of her due to her second bankruptcy case.

Back in 2010, she claimed she owed money in the $10 – $50 million range, but only had assets in the $1 – $10 million range.

According to theJasmineBRAND.com, she said health problems led to her having to cancel a series of Las Vegas shows, which led to her racking up millions in debt.

She infamously filed for bankruptcy in 1996, and lost the battle with her record label. Now, her trustee sold off a bulk of her assets and she doesn’t owe her former record label.

Celebrity Bankruptcies
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16 thoughts on “Toni Braxton’s Bankruptcy Causes Record Label to Lose $16 Million

  1. The last time she went bankrupt she was upset because she couldn’t buy a certain count sheet anymore. I guess once she started making money again she loaded up on sheets…now she can’t buy them again? Poor thing!

  2. Toni has lupus a very debilitating disease. I am glad I saw her interview a few years back. These label companies are known for ripping black entertainers off and owning the rihts to their music. Her hands were tied! She wanted out of the contract so they put her on hold till she was not longer in demand. Her mistakes were minor compared to what was done to her! This is divine retribution for them. People like to squash you but they don’t like pay back! I am glad for her! I hope she gets better with each passing day! Her sons are beautiful! One has autism and that must be straining on her since she has lupus. More black artist of late are owning their own music and learn how to stay away from contracts and labels. Bill withers story will tell you why he was able to keep his royalties he never signed with a label. Now he owns all that is his! And rightfully so!

    • Joanne on said:

      Sure, go ahead and blame everyone else, except Toni. I take it you do not think that she bears any responsibility in this situation. Maybe if she did not spend more than she made she would not be in her second bankruptcy. Mansions, expensive cars, purses, shoes etc.

  3. rick powell on said:

    The days of record companies are coming to and end, We can bypass them with the internet and today’s technology. No more easy lifestyles for you,your bimbo wives and your spoiled brat children who live it up on stolen profits.

  4. First of all, I don’t agree with this website. I am white, far from racist; I have a black boyfriend and love her dearly. We need to stop dividing the races, There is no way in heck, there could be a WhiteAmerica.com. Now I love Toni and her music. This is a shame! There should be no bankruptcy, she is and was amazing!

  5. As an attorney, I know these one-sided contracts between the powerful companies and the artists often leave the artists financially anemic and often sadly destitute in their older, non-productive years. Meanwhile the owners (e.g., NFL, NBA, Movie companies, Record labels) quietly amass shameful amounts of money. I will say Congratulations to Toni Braxton for using the bankruptcy laws to begin to level the playing field. A public bankruptcy is not for the weak. Good for her!

  6. BLACKS CELEBRITIES, GETS SCREWED BY BLACK MANAGERS AND PROMOTERS ALL THE TIME. MICHAEL JACKSON WAS DOING SO WELL UNTIL HE GIT RID OF ALL THE WHITE STAFF AND REPLACED WITH BLACKS. MIKE TYSON GOT SCREWED BY DON KING,

    • Then its up to the black people to educate themselves that just because you have the same race it does not mean they care about your welfare. Having said that, this kind of thing happen to other race as well. Since its tougher for black people to make it compare to the whites and Asians then they have to educate themselves about savings , investments etc. So NOBODY can take advantage of them…

    • Joy2 on said:

      Larry a crook is a crook is a crook….white, black purple, or green. Does Bernie Madoff ring a bell? He screwed lots of his fellow jews out of millions!!

  7. karen on said:

    Obviously Ms. Braxton doesn’t know how to handle money!
    I believe this is her 3rd bankruptcy…perhaps she should let someone else control her finances.
    She seems to know how to spend it….just not how to pay for it. VERY STUPID!

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