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Toni Braxton files for personal bankruptcy, buys $3 million home

Tennessee residents who are deep in debt should know that bankruptcy is not the end of the world. It is possible for someone to start fresh and live a good life after a personal bankruptcy -- just ask singer Toni Braxton. The songstress first filed for bankruptcy in 2010 after amassing $50 million in debt. Just last year, she filed for bankruptcy yet again. Now -- just six months after her bankruptcy filing -- Braxton is the proud new owner of a mansion that boasts more than 5,000 square feet of living space and set her back a whopping $3 million.

So how did she do it? Braxton has been working hard since 2011. Besides her musical career, she is also a reality TV star. She and her family star in "Braxton Family Values." She is also working to get her lupus under control. She blames the disease for causing her second bankruptcy, since the medical condition has caused her to cancel shows. Braxton also released a new album on Feb. 4.

Braxton also explains that artists do not receive all the money they earn. Even after a $100,000 show, once musicians, promoters and everyone else are paid, a singer may get only $20,000. That's why those in the music industry are not as rich as many people think.

Like Braxton many people struggle to get their finances under control after disaster -- including illnesses -- strike. However, by exploring debt relief options people can get back on track and go on to live happy and productive lives. Bankruptcy provides the opportunity for people to get a clean financial slate. Filling for bankruptcy can be complicated, and people should know their options. Depending on the specific facts in each case, people may have different options. People should explore all their legal options when struggling to pay their bills.

Source: Forbes, "6 Months After Filing Bankruptcy, Toni Braxton Reportedly Purchases $3M Mansion Near Justin Bieber And Kourtney Kardashian," Jan. 28, 2014

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