Towanda Braxton files for bankruptcy, claims to have only $150 in bank

The WE tv reality star also owes almost $1000 for her cable bill

Despite owing her sister Tamar Braxton $35,000, Towanda Braxton has filed for Chapter 7 bankruptcy and claims she only has $150 in her bank account.

Blue Telusma

May 1, 2019

Towanda Braxton thegrio.com — Towanda Braxton attends WE tv Celebrates The Return Of "Growing Up Hip Hop Atlanta" at Club Tongue & Groove. (Photo by Paras Griffin/Getty Images for WE tv)

Is Braxton Family Values star Towanda Braxton drowning in debt?

According to The Blast, despite owing her sister Tamar Braxton $35,000, the reality star has filed for Chapter 7 bankruptcy and claims she only has $150 in her bank account.

In the court documents reportedly obtained by the site, Braxton filed her case in April and listed $277,650 in assets and a whopping $547,056.39 in liabilities.

Her assets allegedly include the $275k home that she just bought in Georgia, $1,500 in household goods, $1,000 in clothing and $150 in her checking account. Her listed 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, a $35,000 personal loan given to her by her sister Tamar and various other debts.

Braxton, who lists herself as self-employed at her T. Braxton Beauty Company, maintains that her monthly income of $4,692, monthly expenses total $6,020, and the absence of a savings account have now left her incapable of keeping up with her financial commitments.

As the case is still pending, her debt has yet to be wiped clean.

Unfortunately, this isn’t the first time her family has been hit with these sorts of financial woes. Her sister, R&B singer Toni Braxton made headlines when she filed for bankruptcy again in 1998 during the height of her career. Braxton again filed for bankruptcy most recently in 2010, and appears to have been plagued with money management issues since. In fact, the 51 year old kicked off 2019 with a tax lien filed against her by the IRS that states she owes a total of $340,252.99 in back taxes for 2017.