2. Toni Braxton
The loss: R&B singer Toni Braxton has dozens of hits to her name — marquee songs like “Un-Break My Heart,” “You Mean the World to Me” and “Breathe Again.” Despite that, she filed Chapter 7 bankruptcy twice, first in 1998 and again in 2010. Braxton cites low royalties and overspending as the culprits in her first filing. Her second bankruptcy came a few years after she canceled a Las Vegas residency because of health problems.
The lesson: In Bovee’s experience, it’s uncommon for people to file bankruptcy more than once. But what isn’t unusual is that people don’t plan for the bad times when times are good. Anyone can have an unexpected medical issue or lower-than-expected income, so “always be saving,” he said.
