Throughout the state of Florida today, many people are feeling a financial crunch. While there are of course many reasons for this, the tough current economy plays a role in this for a lot of those people. At the same time however, others in the country who are considered to be “rich and famous,” are also facing financial difficulties. Two such individuals currently getting press are singer Tionne “T-Boz” Watkins and rapper Bow Wow.
T-Boz was a member of the successful and popular 90s girls group TLC. In addition to winning four Grammy Awards, four of the group’s albums were multi-platinum and they had ten Top 10 singles. Despite this success, the singer reportedly filed for bankruptcy this past October. According to court documents creditors are owed $768,642.99.
The reason she claims she had to seek bankruptcy relief is a common one. She said her ex-husband is delinquent in paying $250,000 in child support payments he has been ordered to make. The couple has one child together.
Bow Wow apparently owes creditors close to $100,000. According to BET, the federal government has filed a tax lien in Florida. The government is reportedly seeking unpaid taxes dating back to 2006, totaling $91,105.61. The rapper denies the BET report.
Financial difficulties are stressful regardless of one’s background. Fortunately there are things that can be done to help alleviate that stress. Bankruptcy may be the way to do that. An experienced bankruptcy attorney can help individuals decide if that is the best course of action based on their circumstances.
Source: Syracuse.com, “TLC singer T-Boz files for bankruptcy; rapper Bow Wow owes IRS $91,105,” Geoff Herbert, Nov. 28, 2011