TLC T-Boz Bankruptcy
November 29, 2011 by staff
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.
TMZ broke the news. 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.
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