Toni Braxton explains bankruptcy, talks TLC, Braxton’s album

    Toni Braxton, the Breakfast ClubToni Braxton has filed for bankruptcy twice and confirmed that the financial problems experienced by groups like TLC is just part of being in the music industry.

    “When you first sign a deal it’s never going to be any money because you haven’t sold any records…you have to prove yourself,” Toni explained to the DJs of “The Breakfast Club” radio show.

    Though fans see the glitz and glamor and assume artists are sleeping on hundred dollar bills, Toni said only a portion of that money goes into their pockets.

    “You do a show; you do $100,000…an artist might come home with $20,000,” she said. “The more it’s cut up, it’s distributed differently. It’s the nature of how the industry works. I don’t think people understand that.”

    Toni received a few side eyes for her recent purchase of $3 million mansion just a few years after filing for bankruptcy, but she assured that she has good credit and the second filing had more to do with her illness than a lack of financial responsibility.

    “I have Lupus…My show in Vegas got cancelled and insurance wouldn’t cover it, so I had to pay myself,” said Toni who’s grateful for the friends and family who supported and encouraged her during those hard times, especially when she considered retiring from music.

    Her sisters, who star with her on WE tv’s “Braxton Family Values,” were in that group.

    Toni said she and her sisters are finally gearing up to do an “BFV” album. “We are talking about that right now,” she said.

    Toni talks about her latest album, the sisters she’s closest to and more. Watch.

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