The 43-year-old previously filed for bankruptcy in 1998 for debts of $3.9 million.
All of her personal household possessions were tagged and marked for sale to pay off her creditors, including her prestigious awards.
In the hole: Toni Braxton posed on the red carpet at the Miami Dolphins game on Monday night just before news leaked of her impending bankruptcy filing
She said at the time that the highly publicized bankruptcy had taught her a lesson and that she subsequently changed her business strategy.
‘I learned that I had to believe in myself and not just to be comfortable with the opinions of others,’ she told Ebony Magazine in 2000.
‘I’m just more in control; I dot the I’s and cross the T’s … I finalize everything.’
Second time around: Braxton, performing at the Soul Train Awards in 2005, filed for bankruptcy before in 1998 amid debts of $3.9 million
At the time critics blamed Braxton’s erratic behaviour and penchant for breaking appointments for plunging her into debt, whilst others said her expensive tastes (600-thread-count bed sheets and jewellery from Cartier and Tiffany & Co.) were the culprit.
Either way it seems little has changed over the past twelve years, as she files for chapter 7once again.
In the bankruptcy documents Braxton lists amongst her creditors: AT&T phone company, The Four Seasons Hotels, DirecTV, Neiman Marcus [an up-market department store], Tiffany & Co. BMW Financial Services, American Express and Flamingo Hotel in Las Vegas.
Bad management: Braxton had claimed at the time of her first filing that she had learned a lesson and was more vigilant in her financial affairs now
In her 2000 interview Braxton revealed that after her first bankruptcy filing fans sent her cheques to help her out of her predicament: ‘I’ve been blessed with wonderful fans; thank God for them.
‘When I was doing the play, they sent me bunches of checks, for $300, $400, and $1,000–thank God I didn’t have to cash any of them, but they sent me these wonderful checks.’
And through her ‘get-your-stuff-back attorneys,’ she says she was able to buy back most of her possessions that she was forced to sell or auction off. ‘Thank God, pretty much everything I wanted to get back I was able to get back, my Grammys and my Soul Train Awards, in particular,’ she said.