Many people tend to assume that celebrities never face money woes. The hit female R&B group TLC has had various top hits and successes, making it difficult for some to believe that one of the group’s members needs to file for Chapter 13 bankruptcy protection.
But stars are people, meaning that they are hit with the tough realities of life that can easily place them in a state of excessive debt. This is Tionne “T-Boz” Watkins’ second attempt at filing for bankruptcy, which would basically mean that she’s looking for a way to restructure the various debt payments that she owes.
According to reports, Watkins has about $1.7 million in assets. She reportedly owes a significant amount of that in debt, with about $769,000 due in liabilities. She no longer is very active in her role as the star of TLC and doesn’t make the income that some might expect. Watkins says she brings in about $11,700 per month, with more than $5,000 of that going toward the mortgage.
She holds a primary and second mortgage on her home and is falling behind on those payments. She also owes money on her vehicles. Watkins also has a daughter and claims that the father has failed to pay the child support he owes to the family. That doesn’t help the R&B star’s financial situation.
Another reality that has likely weakened the star’s financial security is serious illness. Watkins suffers from Sickle Cell Disease. She also suffered from a brain tumor in 2006. Health problems are common reasons for even the relatively wealthy to end up with excessive debt. The medical treatments are expensive, and the entire situation limits how much a person can work and earn money.
Bankruptcy is an important option for people in such unpredictable situations. A person can’t help that she gets sick and, therefore, falls behind on her bills. There should be no shame associated with a person in need filing for bankruptcy protection.
Source
The Buzz: “TLC’s T-Boz files for bankruptcy protection again,” Rodney Ho, Nov. 28, 2011