The six time Grammy winning singer was in serious financial trouble a few months. Toni owed the banks millions. Her problems began when she was forced to cancel some Las Vegas shows but wouldn’t reveal to her creditors why. The R&B singer reveled on ‘The Wendy Williams Show’ that she has lupus which is an autoimmune disease. The only way out of her debt was by declaring bankruptcy; many people use bankruptcy attorneys.
Toni tried to talk to creditors about her problem but to no avail. This was in the financial crisis of 2008. She was rumored to owe $50 million but thanks to bankruptcy her debt has been reduced to $500 thousand. She has lost one of her homes which was seized by the banks and risks losing another. In some bankruptcy cases the courts will seize any property to help reduce the debt balance.
Toni joins the many Americans that go into debt relief aided by bankruptcy lawyers because of health issues. Close to half of the people who file for bankruptcy do so because of health reasons. The accumulating medical bills can amount to a lot of debt that is nearly impossible to pay off. Many households carry an average of five to ten thousand dollars in debt over their yearly income. When faced with impossible debt a bankruptcy attorney can advise the business or individual on the best bankruptcy structure for their needs.
