Toni Braxton Files For Bankruptcy

Toni Braxton filed for bankruptcy protection in Los Angeles on Friday, just eight weeks after the singer filed suit against LaFace Records in an effort to get out of her long-term record contract.

Braxton says that her deal is substantially below those of other multi-platinum artists and that they pay her less than thirty-five cents per album sold.

Bankruptcy protection allows her debtors to void contracts that pay them below market rate. TLC took a similar strategy in their contract battle with LaFace in 1995. Last year they settled for a multi-million advance, and are currently recording their third album with LaFace.

Both Toni Braxton's albums have sold 4.8 million copies domestically, according to Soundscan. That means, by Braxton's account, her take has been $3,360,000. However, management fees, taxes, video budgets, and advances can take a healthy bite out of that pie.

Neither Braxton nor LaFace were available for comment on Monday.

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