It always perplexing to me that someone having an active life on television can end up being essentially poor. I mean, besides the fact that all people go through financial trials– having fame allows more means and greater avenues for resources that you can tap into and gain financial freedom. However, Towanda Braxton is the latest celebrity to have filed for Chapter 7 bankruptcy.
The “Braxton Family Values” star drowning in debt and has filed for Chapter 7 bankruptcy, saying she only has $150 in her bank account.
According to court documents obtained by The Blast, Towanda filed her case earlier this month, listing $277,650 in assets but $547,056.39 in liabilities.
Her assets include the new Georgia home she bought recently (worth about $275k), $1,500 in household goods, $1k in clothing and only $150 in her checking account … with zero in her savings.
Towanda recently spent $442,200 on a 5-bedroom, 4.5-bathroom, 5,797 sq. ft. home in Snellville, Georgia. The pad comes with a gourmet kitchen, walk-in pantry, wine room, billiards room, spacious living room, in-ground pool and more. If I had to guess I’d say Towanda knew she would be filling for bankruptcy and decided to get a new home and be comfortable prior to the filling.
Towanda’s debts include $417,715 to a mortgage company, $76k to her former landlord, $982 to Comcast, over a thousand to collection attorneys, $8,480 to Covenant Christian Academy, $6,211.30 in medical bills, $35,000 to her sister Tamar (who gave her a personal loan) and various other debts.
