Tuesday, 29 November 2011

TLC T-Boz bankruptcy: TLC’s T-Boz files for bankruptcy protection again

TLC T-Boz bankruptcy: TLC’s T-Boz files for bankruptcy protection again
This is not crazy, sexy or cool: Tionne “T-Boz” Watkins of Atlanta’s TLC last month filed for bankruptcy protection for a second time in less than a year.

Watkins, 41, entered a similar bankruptcy protection filing with the United States Bankruptcy Court of Northern District of Georgia in February. It was dismissed the next month.

Her attorney Peter Bricks Monday declined to comment.

We looked at the Duluth resident’s bankruptcy filing and gleaned that her problems are not exorbitant spending but a relative lack of income:

- Her total assets are $1.716 million, mostly her property. Her liabilities total $768,642.99, mostly her mortgage. (Her claimed assets in her February filing were $1.892 million and liabilities $742,258.52.)

- The filing says her monthly income is averaging $11,700, $1,200 from royalties tied to her days with TLC. Her estimated monthly expenses are $8,821, $5,170 of that from the mortgage alone. But in 2011 through the end of October, she reported her income from employment or operation of business totaled a mere $14,000.

- Her property is worth $1.2 million, the documents say. She owes $740,470.03. Cash on hand? $1,000. Various household goods are valued at $100,000. Clothing: $75,000. Jewelry: $20,000. Exercise equipment: $2,500. Three vehicles (a 2001 Escalade, 2005 Odyssey and 2006 Mercedes Benz CLS 500) worth a combined $45,500.

- She is claiming Mark Jefferson owes her $22,500 and her ex-husband Mack 10 owes her $250,000 in child-support payments. (She has an 11-year-old daughter with Mack 10.)

- She valued ownership of various companies and royalties at a mere $1 apiece.

- She is in arrears $105,000 on a $577,000 primary mortgage and $3,400 on a $153,000 second mortgage on her home. She owes $8,284.75 on her Honda Odyssey and $2,850 on her Mercedes.

- She conducted two estate sales in September and October 2011 and pocketed $11,000.

Since her February filing, she has increased her mortgage load from $704,548.52 to $740,470.03 on October 31, 2011.

Watkins has suffered from major medical problems over the years. She has suffered from Sickle Cell Disease and in 2006 was diagnosed with a brain tumor, which has been treated. In 2009, she appeared on NBC’s “Celebrity Apprentice.” She lasted six episodes and raised $20,000 for the Sickle Cell Foundation of Georgia.

She filed for Chapter 13 bankruptcy protection, which enables people with regular income to develop a plan to repay part of all of their debts.

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