Toni Braxton Files for Bankruptcy for a Second Time

Grammy-winning singer and former Dancing with the Stars contestant Toni Braxton has once again found herself in a jam. According to TMZ, the star has filed for bankruptcy again (she did once before in 1998), and is claiming she owes upwards of $50 million in various debts.

Braxton, 43, whose hits like "Un-Break My Heart" and "You're Making Me High" led her to sell more than 40 million copies of albums worldwide, filed for chapter 7 bankruptcy. In documents, Braxton claims she is currently worth between only $1-10 million.

TMZ reports that in addition to debts to DMV's in both California and Nevada, Braxton owes money to various banks, organizations and companies, including AT&T, Wells Fargo Bank, Neiman Marcus, and the Screen Actors Guild.

It's not the only financial trouble Braxton has found herself in this year. In early 2010 the IRS filed a lien against Braxton for $396,000.

Are you shocked to hear about Toni Braxton financial troubles? Chime in below!

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