Tionne t-boz Watkins Files For Bankruptcy...again

Some celebrities just cant get it right; some cant hold on to a movie role

, others cant clean up their act and some have more financial troubles now than they did before they were famous. Tionne T-Boz Watkins of the female singing group TLC unfortunately falls under the financial category. Watkins is now filing for bankruptcy protection for the second time in less than a year.

Watkins filed for a Chapter 13 Reorganization Bankruptcy to try to work out her finances. While Watkins attorney, Peter Bricks declined to comment, Watkins finances are public knowledge. Watkins total assets are $1.716 million, which is mostly her property, which she has a $768,258 mortgage on.

The cash she has access to is a pitiful $1,000. In her filing, Watkins said her monthly income is about $11,000 and her monthly expenses are at $8.800. A large chunk of those expenses is her mortgage alone. Watkins does have other valuable assets, such as $20,000 of jewelry, $75,000 of clothing and another $100,000 in household goods.

Watkins did suffer from major medical problems over the years, which helped deplete her savings. She was diagnosed with Sickle Cell disease and in 2006 was diagnosed with a brain tumor. Watkins still gave back, despite her struggles and even competed on Celebrity Apprentice working to raise $20,000 for the Sickle Cell Foundation.

Medical problems werent the extent of Watkins problems, since shes claiming that she is owed over $250,000 in child support by her ex-husband Mack 10. With her biggest asset being her home, which seems to be draining her, Watkins seemed to have no choice but to file for bankruptcy.

Also, people may wonder how such a famous pop singer could go from millionaire to bankrupt in a few short years, but the singing group TLC was also no stranger to bankruptcy. The group filed for bankruptcy back in 1995 when Watkins was diagnosed with Sickle Cell and they had to cut their tour short. Otherwise they were making a ton of money. Still, today Watkins only receives $1,200 a month in royalties.

It's unfortunate to see how many celebrities and athletes have had to file for bankruptcy in the past. It's easy for them to budget their lifestyle based on their current salary or contracts, when in reality, movies and sports teams can come and go quite easily. Another reason we see celebrities and singers going bankrupt is due to their own litigation over copyrighting or breaking contracts. The worst case of celebrity bankruptcy is just seeing them completely overspend without abandon. Some hire untrustworthy accountants and attorneys and others don't even have a concept of money management. For more news and information on bankruptcy, check out our Waco and Killeen bankruptcy attorney blog at Davis Law.

by: Davis Law

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