TLC member files for bankruptcy again
Today reports: TLC member T-Boz has filed for bankruptcy for the second time in less than a year. According to documents filed last month in U.S. Bankruptcy Court, the singer owes creditors $768,642.99, mainly from mortgages on her $1.2 million house.
She has filed for Chapter 13 bankruptcy protection, which enables people with regular income to create a plan to repay their debts. She entered a similar bankruptcy protection filing with the United States Bankruptcy Court of Northern District of Georgia in February, but it was dismissed the following month.
Though TLC have had ten Top 10 singles and four multi-platinum albums, the documents reveal that T-Boz only earns an average of $1,200 per month in royalties from those records. Nevertheless, her total assets are $1.716 million, she takes in around $11,700 per month in income, and her monthly expenses are $8,821.
The singer believes that she could have avoided bankruptcy if she had been able to collect $250,000 in child support from her ex-husband, Mack 10, and $22,500 in debts from Mark Jefferson.
--> In the words of my co-worker, "That's so unpretty."
She has filed for Chapter 13 bankruptcy protection, which enables people with regular income to create a plan to repay their debts. She entered a similar bankruptcy protection filing with the United States Bankruptcy Court of Northern District of Georgia in February, but it was dismissed the following month.Though TLC have had ten Top 10 singles and four multi-platinum albums, the documents reveal that T-Boz only earns an average of $1,200 per month in royalties from those records. Nevertheless, her total assets are $1.716 million, she takes in around $11,700 per month in income, and her monthly expenses are $8,821.
The singer believes that she could have avoided bankruptcy if she had been able to collect $250,000 in child support from her ex-husband, Mack 10, and $22,500 in debts from Mark Jefferson.
--> In the words of my co-worker, "That's so unpretty."
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