Things aren’t looking good for soulful diva Toni Braxton. The singer, who faced foreclosure of her California home late last year, is battling with her finances yet again…

According to TMZ, the 43 year old diva owes upwards of $50 million in debts while claiming her net worth to be only between $1 and 10 Million.  Elementary math would lead one to assume that Toni’s been spending well over her budget… if she had a budget at all.

Braxton, who has sold more than 40 million albums in her career, just filed for Chapter 7 bankruptcy in California!!

A few of Toni’s creditors include: American Express, The Westin, Tiffany & Co., Screen Actors Guild, Directv, BMW Financial Services, Orkin Pest Control, various medical bills and the IRS.

This isn’t the first time Toni’s faced financial difficulties, she has a storied history of financial problems — she filed for bankruptcy back in 1998 … and earlier this year, the IRS filed a lien against her for $396k.

This is so sad and a perfect example of what NOT to do with your dough.  She obviously lived well above her means (on more than one occasion) and is faces losing it all… again!

Someone needs a new financial counselor.

In case you missed it:

Toni Braxton ~ “Make My Heart” ~ Official Video

Toni Braxton’s Catsuit Disaster…

VIDEO: “Yesterday” ~ Toni Braxton ft. Trey Songz