TONI BRAXTON TURNS 43, FILES FOR BANKRUPTCY

    Braxton -- who sold more than 40 million albums in her career -- just filed for Chapter 7 bankruptcy in California ... and in the docs, the singer claims she's only worth somewhere between $1 mil and $10 mil ... but she could have up to $50 mil in debts.

 
According to Tmz, Toni took out "show insurance" through Lloyd's of London for her act at the Flamingo Las Vegas Hotel & Casino back in 2006. 

 
And when Toni's heart condition started to act up  -- in the middle of the show's run -- she had to pull the plug, but she was still on the hook to the hotel for big bucks.  Toni expected Lloyd's to cover the loss but Lloyd's didn't, arguing Toni had an undisclosed, preexisting medical condition, rendering the policy void.

 
In the end, Toni had to absorb a huge loss, which a relative claims sent her on a downward financial spiral.

  Still, it doesn't explain the bill for the Four Seasons and Tiffany & Co., for starters ...

Toni Braxton has filed for bankruptcy again -- claiming she owes somewhere between $10 million and $50 million in unpaid debts all over the country ... including DMVs in TWO different states.

Braxton -- who sold more than 40 million albums in her career -- just filed for Chapter 7 bankruptcy in California ... and in the docs, the singer claims she's only worth somewhere between $1 mil and $10 mil ... but she could have up to $50 mil in debts.

In the docs, 43-year-old Braxton lists a ton of creditors to whom she thinks she may owe money... including:

-- AT&T

-- The Four Seasons Hotels

-- Cedars-Sinai Medical Center

-- Various medical bills

-- DirecTV

-- Neiman Marcus

-- The William Morris Agency

-- Tiffany & Co.

-- Orkin Pest Control

-- The Internal Revenue Service

-- BMW Financial Services

-- ADT Security

-- American Express

-- Flamingo Las Vegas

-- Mesa Air Conditioning

-- Nevada Power Company

-- Screen Actors Guild

-- The Westin

-- Wells Fargo Bank

 Braxton 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.